DDM Analysis: STT-PD

Valuation Snapshot

Stable Growth	$507.02 - $2,015.95	$1,374.60
Multi-Stage	$296.12 - $324.38	$309.99
Blended Fair Value	$842.30
Current Price	$116.01
Upside	626.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.12%	6.72%	3.54	3.32	3.33	2.58	3.05	3.19	2.84	2.63	2.48	2.24
YoY Growth	-	-	6.49%	-0.21%	29.26%	-15.41%	-4.41%	12.32%	7.81%	6.22%	10.38%	21.52%
Dividend Yield	-	-	3.95%	4.30%	4.40%	2.96%	3.62%	5.98%	4.20%	2.64%	3.11%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,981.00
(-) Cash Dividends Paid (M)	998.00
(=) Cash Retained (M)	1,983.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	596.20	372.63	223.58
Cash Retained (M)	1,983.00	1,983.00	1,983.00
(-) Cash Required (M)	-596.20	-372.63	-223.58
(=) Excess Retained (M)	1,386.80	1,610.38	1,759.43
(/) Shares Outstanding (M)	291.95	291.95	291.95
(=) Excess Retained per Share	4.75	5.52	6.03
LTM Dividend per Share	3.42	3.42	3.42
(+) Excess Retained per Share	4.75	5.52	6.03
(=) Adjusted Dividend	8.17	8.93	9.44
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	4.72%	5.72%	6.72%
Fair Value	$507.02	$1,374.60	$2,015.95
Upside / Downside	337.05%	1,084.90%	1,637.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,981.00	3,151.55	3,331.86	3,522.49	3,724.02	3,937.08	4,055.20
Payout Ratio	33.48%	44.78%	56.09%	67.39%	78.70%	90.00%	92.50%
Projected Dividends (M)	998.00	1,411.36	1,868.75	2,373.86	2,930.65	3,543.38	3,751.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.41%	6.41%	6.41%
Growth Rate	4.72%	5.72%	6.72%
Year 1 PV (M)	1,313.81	1,326.36	1,338.90
Year 2 PV (M)	1,619.36	1,650.44	1,681.81
Year 3 PV (M)	1,914.89	1,970.27	2,026.71
Year 4 PV (M)	2,200.64	2,285.91	2,373.63
Year 5 PV (M)	2,476.85	2,597.39	2,722.57
PV of Terminal Value (M)	76,926.69	80,670.44	84,558.54
Equity Value (M)	86,452.24	90,500.80	94,702.16
Shares Outstanding (M)	291.95	291.95	291.95
Fair Value	$296.12	$309.99	$324.38
Upside / Downside	155.26%	167.21%	179.61%

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State Street Corporation (STT-PD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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