DDM Analysis: TSCO

Valuation Snapshot

Stable Growth	$61.00 - $239.09	$103.57
Multi-Stage	$38.92 - $42.51	$40.68
Blended Fair Value	$72.12
Current Price	$56.52
Upside	27.61%
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	23.77%	18.84%	0.88	0.84	0.77	0.45	0.33	0.30	0.28	0.25	0.23	0.19
YoY Growth	-	-	5.09%	9.77%	71.38%	36.84%	7.35%	10.61%	9.91%	9.45%	18.59%	22.65%
Dividend Yield	-	-	1.65%	1.61%	1.63%	0.96%	0.91%	1.83%	1.41%	1.99%	1.66%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,105.09
(-) Cash Dividends Paid (M)	483.55
(=) Cash Retained (M)	621.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	221.02	138.14	82.88
Cash Retained (M)	621.53	621.53	621.53
(-) Cash Required (M)	-221.02	-138.14	-82.88
(=) Excess Retained (M)	400.51	483.40	538.65
(/) Shares Outstanding (M)	534.69	534.69	534.69
(=) Excess Retained per Share	0.75	0.90	1.01
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	0.75	0.90	1.01
(=) Adjusted Dividend	1.65	1.81	1.91
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.00	$103.57	$239.09
Upside / Downside	7.93%	83.24%	323.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,105.09	1,176.92	1,253.42	1,334.89	1,421.66	1,514.06	1,559.49
Payout Ratio	43.76%	53.01%	62.25%	71.50%	80.75%	90.00%	92.50%
Projected Dividends (M)	483.55	623.83	780.31	954.48	1,148.01	1,362.66	1,442.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	570.30	575.71	581.11
Year 2 PV (M)	652.13	664.55	677.09
Year 3 PV (M)	729.25	750.18	771.51
Year 4 PV (M)	801.84	832.67	864.39
Year 5 PV (M)	870.09	912.12	955.75
PV of Terminal Value (M)	17,185.79	18,015.87	18,877.71
Equity Value (M)	20,809.39	21,751.10	22,727.57
Shares Outstanding (M)	534.69	534.69	534.69
Fair Value	$38.92	$40.68	$42.51
Upside / Downside	-31.14%	-28.03%	-24.80%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Tractor Supply Company (TSCO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener