DDM Analysis: TXN

Valuation Snapshot

Stable Growth	$55.21 - $86.93	$69.74
Multi-Stage	$95.04 - $103.99	$99.43
Blended Fair Value	$84.58
Current Price	$183.73
Upside	-53.96%
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	9.77%	13.74%	5.24	4.98	4.69	4.25	3.74	3.29	2.79	2.30	1.80	1.58
YoY Growth	-	-	5.22%	6.05%	10.58%	13.43%	13.90%	17.73%	21.44%	27.83%	13.99%	9.15%
Dividend Yield	-	-	2.92%	2.88%	2.52%	2.31%	1.98%	3.29%	2.57%	2.21%	2.23%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,043.00
(-) Cash Dividends Paid (M)	4,949.00
(=) Cash Retained (M)	94.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,008.60	630.38	378.23
Cash Retained (M)	94.00	94.00	94.00
(-) Cash Required (M)	-1,008.60	-630.38	-378.23
(=) Excess Retained (M)	-914.60	-536.38	-284.23
(/) Shares Outstanding (M)	915.25	915.25	915.25
(=) Excess Retained per Share	-1.00	-0.59	-0.31
LTM Dividend per Share	5.41	5.41	5.41
(+) Excess Retained per Share	-1.00	-0.59	-0.31
(=) Adjusted Dividend	4.41	4.82	5.10
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	-0.17%	0.83%	1.83%
Fair Value	$55.21	$69.74	$86.93
Upside / Downside	-69.95%	-62.04%	-52.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,043.00	5,084.93	5,127.21	5,169.84	5,212.83	5,256.17	5,413.86
Payout Ratio	98.14%	96.51%	94.88%	93.25%	91.63%	90.00%	92.50%
Projected Dividends (M)	4,949.00	4,907.41	4,864.78	4,821.11	4,776.37	4,730.56	5,007.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	-0.17%	0.83%	1.83%
Year 1 PV (M)	4,507.09	4,552.24	4,597.39
Year 2 PV (M)	4,103.48	4,186.10	4,269.54
Year 3 PV (M)	3,734.91	3,848.27	3,963.91
Year 4 PV (M)	3,398.41	3,536.64	3,679.04
Year 5 PV (M)	3,091.25	3,249.21	3,413.56
PV of Terminal Value (M)	68,147.10	71,629.27	75,252.36
Equity Value (M)	86,982.25	91,001.73	95,175.79
Shares Outstanding (M)	915.25	915.25	915.25
Fair Value	$95.04	$99.43	$103.99
Upside / Downside	-48.27%	-45.88%	-43.40%

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Texas Instruments Incorporated (TXN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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