DDM Analysis: FCX

Valuation Snapshot

Stable Growth	$36.79 - $110.95	$58.42
Multi-Stage	$24.81 - $27.09	$25.93
Blended Fair Value	$42.17
Current Price	$39.22
Upside	7.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.34%	-4.03%	0.60	0.60	0.60	0.23	0.05	0.20	0.15	0.00	0.00	0.42
YoY Growth	-	-	0.23%	-0.35%	161.63%	353.42%	-74.91%	33.49%	10,800.00%	-66.67%	-99.01%	-53.64%
Dividend Yield	-	-	1.58%	1.26%	1.47%	0.46%	0.15%	2.99%	1.15%	0.01%	0.03%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,066.00
(-) Cash Dividends Paid (M)	865.00
(=) Cash Retained (M)	1,201.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	413.20	258.25	154.95
Cash Retained (M)	1,201.00	1,201.00	1,201.00
(-) Cash Required (M)	-413.20	-258.25	-154.95
(=) Excess Retained (M)	787.80	942.75	1,046.05
(/) Shares Outstanding (M)	1,444.00	1,444.00	1,444.00
(=) Excess Retained per Share	0.55	0.65	0.72
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.55	0.65	0.72
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.79	$58.42	$110.95
Upside / Downside	-6.20%	48.95%	182.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,066.00	2,200.29	2,343.31	2,495.62	2,657.84	2,830.60	2,915.52
Payout Ratio	41.87%	51.49%	61.12%	70.75%	80.37%	90.00%	92.50%
Projected Dividends (M)	865.00	1,133.03	1,432.25	1,765.59	2,136.20	2,547.54	2,696.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,031.78	1,041.56	1,051.34
Year 2 PV (M)	1,187.71	1,210.33	1,233.16
Year 3 PV (M)	1,333.28	1,371.56	1,410.56
Year 4 PV (M)	1,468.99	1,525.49	1,583.60
Year 5 PV (M)	1,595.30	1,672.36	1,752.36
PV of Terminal Value (M)	29,206.22	30,616.89	32,081.55
Equity Value (M)	35,823.29	37,438.18	39,112.57
Shares Outstanding (M)	1,444.00	1,444.00	1,444.00
Fair Value	$24.81	$25.93	$27.09
Upside / Downside	-36.75%	-33.89%	-30.94%

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6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
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002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
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IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
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300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
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7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
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Freeport-McMoRan Inc. (FCX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener