DDM Analysis: WMG

Valuation Snapshot

Stable Growth	$9.35 - $14.49	$11.73
Multi-Stage	$14.25 - $15.61	$14.92
Blended Fair Value	$13.32
Current Price	$34.06
Upside	-60.88%
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	2.17%	0.00%	0.60	0.57	0.53	0.50	0.42	0.54	0.15	1.45	0.13	0.00
YoY Growth	-	-	6.09%	6.18%	6.92%	20.00%	-22.97%	265.96%	-89.84%	1,001.19%	0.00%	0.00%
Dividend Yield	-	-	1.77%	1.83%	1.49%	1.43%	0.96%	1.42%	0.49%	4.82%	0.44%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	621.00
(-) Cash Dividends Paid (M)	383.00
(=) Cash Retained (M)	238.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.20	77.63	46.58
Cash Retained (M)	238.00	238.00	238.00
(-) Cash Required (M)	-124.20	-77.63	-46.58
(=) Excess Retained (M)	113.80	160.38	191.43
(/) Shares Outstanding (M)	636.57	636.57	636.57
(=) Excess Retained per Share	0.18	0.25	0.30
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.18	0.25	0.30
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	0.17%	1.17%	2.17%
Fair Value	$9.35	$11.73	$14.49
Upside / Downside	-72.55%	-65.56%	-57.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	621.00	628.27	635.63	643.07	650.61	658.22	677.97
Payout Ratio	61.67%	67.34%	73.00%	78.67%	84.33%	90.00%	92.50%
Projected Dividends (M)	383.00	423.08	464.04	505.91	548.69	592.40	627.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.53%	8.53%	8.53%
Growth Rate	0.17%	1.17%	2.17%
Year 1 PV (M)	385.96	389.82	393.67
Year 2 PV (M)	386.20	393.95	401.77
Year 3 PV (M)	384.11	395.72	407.57
Year 4 PV (M)	380.04	395.45	411.32
Year 5 PV (M)	374.33	393.39	413.22
PV of Terminal Value (M)	7,162.79	7,527.53	7,906.97
Equity Value (M)	9,073.43	9,495.85	9,934.52
Shares Outstanding (M)	636.57	636.57	636.57
Fair Value	$14.25	$14.92	$15.61
Upside / Downside	-58.15%	-56.20%	-54.18%

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Warner Music Group Corp. (WMG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener