DDM Analysis: DELL

Valuation Snapshot

Stable Growth	$70.60 - $109.24	$88.52
Multi-Stage	$99.24 - $108.83	$103.94
Blended Fair Value	$96.23
Current Price	$162.01
Upside	-40.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	1.81	1.52	1.37	0.00	0.00	0.00	3.03	0.00	0.00	0.00
YoY Growth	-	-	18.94%	11.20%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.91%	1.22%	3.01%	0.00%	0.00%	0.00%	8.70%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,210.00
(-) Cash Dividends Paid (M)	1,424.00
(=) Cash Retained (M)	3,786.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,042.00	651.25	390.75
Cash Retained (M)	3,786.00	3,786.00	3,786.00
(-) Cash Required (M)	-1,042.00	-651.25	-390.75
(=) Excess Retained (M)	2,744.00	3,134.75	3,395.25
(/) Shares Outstanding (M)	704.76	704.76	704.76
(=) Excess Retained per Share	3.89	4.45	4.82
LTM Dividend per Share	2.02	2.02	2.02
(+) Excess Retained per Share	3.89	4.45	4.82
(=) Adjusted Dividend	5.91	6.47	6.84
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.42%	1.42%	2.42%
Fair Value	$70.60	$88.52	$109.24
Upside / Downside	-56.42%	-45.36%	-32.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,210.00	5,283.76	5,358.57	5,434.44	5,511.38	5,589.41	5,757.10
Payout Ratio	27.33%	39.87%	52.40%	64.93%	77.47%	90.00%	92.50%
Projected Dividends (M)	1,424.00	2,106.41	2,807.85	3,528.74	4,269.47	5,030.47	5,325.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.42%	1.42%	2.42%
Year 1 PV (M)	1,916.47	1,935.56	1,954.64
Year 2 PV (M)	2,324.31	2,370.83	2,417.82
Year 3 PV (M)	2,657.65	2,737.85	2,819.64
Year 4 PV (M)	2,925.59	3,043.88	3,165.72
Year 5 PV (M)	3,136.23	3,295.53	3,461.24
PV of Terminal Value (M)	56,976.94	59,871.07	62,881.62
Equity Value (M)	69,937.19	73,254.71	76,700.68
Shares Outstanding (M)	704.76	704.76	704.76
Fair Value	$99.24	$103.94	$108.83
Upside / Downside	-38.75%	-35.84%	-32.82%

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Dell Technologies Inc. (DELL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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