DDM Analysis: IFAFX

Valuation Snapshot

Stable Growth	$82.74 - $136.12	$106.47
Multi-Stage	$131.85 - $144.77	$138.19
Blended Fair Value	$122.33
Current Price	$26.54
Upside	360.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.88%	15.21%	2.46	2.36	2.22	2.09	2.00	1.54	1.79	1.48	1.09	0.93
YoY Growth	-	-	4.58%	5.96%	6.47%	4.24%	30.22%	-13.94%	20.96%	35.91%	17.35%	54.99%
Dividend Yield	-	-	9.74%	9.78%	9.86%	8.27%	8.10%	8.00%	8.07%	6.59%	4.89%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	28,073.00
(-) Cash Dividends Paid (M)	9,520.00
(=) Cash Retained (M)	18,553.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,614.60	3,509.13	2,105.48
Cash Retained (M)	18,553.00	18,553.00	18,553.00
(-) Cash Required (M)	-5,614.60	-3,509.13	-2,105.48
(=) Excess Retained (M)	12,938.40	15,043.88	16,447.53
(/) Shares Outstanding (M)	3,855.60	3,855.60	3,855.60
(=) Excess Retained per Share	3.36	3.90	4.27
LTM Dividend per Share	2.47	2.47	2.47
(+) Excess Retained per Share	3.36	3.90	4.27
(=) Adjusted Dividend	5.82	6.37	6.74
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	0.34%	1.34%	2.34%
Fair Value	$82.74	$106.47	$136.12
Upside / Downside	211.76%	301.18%	412.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	28,073.00	28,448.65	28,829.33	29,215.10	29,606.04	30,002.20	30,902.27
Payout Ratio	33.91%	45.13%	56.35%	67.56%	78.78%	90.00%	92.50%
Projected Dividends (M)	9,520.00	12,838.67	16,244.45	19,739.08	23,324.32	27,001.98	28,584.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	0.34%	1.34%	2.34%
Year 1 PV (M)	11,835.90	11,953.86	12,071.82
Year 2 PV (M)	13,806.00	14,082.56	14,361.86
Year 3 PV (M)	15,465.75	15,932.79	16,409.13
Year 4 PV (M)	16,847.47	17,529.21	18,231.42
Year 5 PV (M)	17,980.54	18,894.58	19,845.41
PV of Terminal Value (M)	432,419.64	454,401.57	477,268.51
Equity Value (M)	508,355.31	532,794.56	558,188.16
Shares Outstanding (M)	3,855.60	3,855.60	3,855.60
Fair Value	$131.85	$138.19	$144.77
Upside / Downside	396.79%	420.68%	445.49%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

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The Income Fund of America, Class F-1 Shares (IFAFX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener