DDM Analysis: TBC

Valuation Snapshot

Stable Growth	$17.81 - $24.87	$21.34
Multi-Stage	$51.06 - $56.38	$53.67
Blended Fair Value	$37.50
Current Price	$24.97
Upside	50.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.23%	-1.50%	1.14	1.13	1.37	2.10	2.08	2.07	1.87	1.68	1.64	1.42
YoY Growth	-	-	0.88%	-17.48%	-34.57%	0.75%	0.46%	11.02%	11.40%	2.04%	15.66%	6.78%
Dividend Yield	-	-	4.58%	4.57%	5.51%	8.24%	7.74%	8.13%	7.33%	6.74%	6.60%	5.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,173.00
(-) Cash Dividends Paid (M)	12,339.00
(=) Cash Retained (M)	9,834.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,434.60	2,771.63	1,662.98
Cash Retained (M)	9,834.00	9,834.00	9,834.00
(-) Cash Required (M)	-4,434.60	-2,771.63	-1,662.98
(=) Excess Retained (M)	5,399.40	7,062.38	8,171.03
(/) Shares Outstanding (M)	7,179.98	7,179.98	7,179.98
(=) Excess Retained per Share	0.75	0.98	1.14
LTM Dividend per Share	1.72	1.72	1.72
(+) Excess Retained per Share	0.75	0.98	1.14
(=) Adjusted Dividend	2.47	2.70	2.86
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-6.42%	-5.42%	-4.42%
Fair Value	$17.81	$21.34	$24.87
Upside / Downside	-28.66%	-14.55%	-0.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,173.00	20,972.18	19,836.40	18,762.13	17,746.03	16,784.96	17,288.51
Payout Ratio	55.65%	62.52%	69.39%	76.26%	83.13%	90.00%	92.50%
Projected Dividends (M)	12,339.00	13,111.60	13,764.33	14,307.90	14,752.23	15,106.47	15,991.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-6.42%	-5.42%	-4.42%
Year 1 PV (M)	12,174.03	12,304.12	12,434.20
Year 2 PV (M)	11,866.22	12,121.17	12,378.82
Year 3 PV (M)	11,452.80	11,823.88	12,202.88
Year 4 PV (M)	10,964.08	11,440.27	11,931.81
Year 5 PV (M)	10,424.52	10,993.50	11,587.07
PV of Terminal Value (M)	309,748.19	326,654.82	344,291.74
Equity Value (M)	366,629.83	385,337.75	404,826.53
Shares Outstanding (M)	7,179.98	7,179.98	7,179.98
Fair Value	$51.06	$53.67	$56.38
Upside / Downside	104.50%	114.93%	125.80%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 85 of 151 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
0258.HK	Tomson Group Limited	1.44%	$0.03	7.69%
055490.KS	Tapex Co., Ltd.	1.44%	$199.78	51.52%
2756.TWO	Lian Fa International Dining Business Corp.	1.44%	$1.18	40.55%
300130.SZ	XGD Inc.	1.44%	$0.40	65.84%
300194.SZ	Fuan Pharmaceutical (Group) Co., Ltd.	1.44%	$0.06	52.37%
301058.SZ	COFCO Technology & Industry Co., Ltd.	1.44%	$0.16	34.15%
3393.HK	Wasion Holdings Limited	1.44%	$0.26	17.68%
5536.TWO	Acter Group Corporation Limited	1.44%	$10.99	47.44%
600809.SS	Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.	1.44%	$2.47	24.55%
6485.T	Maezawa Kyuso Industries Co.,Ltd.	1.44%	$22.77	15.91%
6506.T	YASKAWA Electric Corporation	1.44%	$68.32	30.92%
688092.SS	Hangzhou IECHO Science & Technology Co., Ltd.	1.44%	$0.36	55.35%
ISS.CO	ISS A/S	1.44%	$3.10	19.54%
003027.SZ	Tongxing Environmental Protection Technology Co.,Ltd	1.43%	$0.32	50.08%
0W19.L	Datagroup Se	1.43%	$1.00	34.00%
0YG7.L	Beijer Alma AB (publ)	1.43%	$4.12	46.18%
2427.T	OUTSOURCING Inc.	1.43%	$24.98	56.59%
300409.SZ	Guangdong Dowstone Technology Co., Ltd.	1.43%	$0.32	58.17%
600362.SS	Jiangxi Copper Company Limited	1.43%	$0.79	33.95%
600409.SS	Tangshan Sanyou Chemical Industries Co.,Ltd	1.43%	$0.09	81.03%
601858.SS	China Science Publishing & Media Ltd.	1.43%	$0.26	39.12%
603283.SS	Suzhou Secote Precision Electronic Co.,LTD	1.43%	$0.62	25.98%
603757.SS	Zhejiang Dayuan Pumps Industry Co., Ltd	1.43%	$0.63	58.53%
6479.T	MinebeaMitsumi Inc.	1.43%	$45.06	29.19%
7012.T	Kawasaki Heavy Industries, Ltd.	1.43%	$148.51	32.29%
9630.SR	Ratio Speciality Company for Trading	1.43%	$0.10	14.11%
G	Genpact Limited	1.43%	$0.66	20.93%
GIL	Gildan Activewear Inc.	1.43%	$0.90	28.59%
MRU.TO	Metro Inc.	1.43%	$1.42	30.52%
SIMINN.IC	Síminn hf.	1.43%	$0.21	33.47%
002568.SZ	Shanghai Bairun Investment Holding Group Co., Ltd.	1.42%	$0.31	46.41%
2270.HK	Desun Real Estate Investment Services Group Co., Ltd.	1.42%	$0.06	41.57%
300294.SZ	China Resources Boya Bio-pharmaceutical Group Co., Ltd.	1.42%	$0.32	49.45%
300433.SZ	Lens Technology Co., Ltd.	1.42%	$0.43	54.16%
300906.SZ	Jiangxi Everbright Measurement And Control Technology Co.,Ltd.	1.42%	$0.50	58.74%
301588.SZ	Newtechwood Corp	1.42%	$0.26	67.53%
4684.T	OBIC Co.,Ltd.	1.42%	$70.00	44.07%
600023.SS	Zhejiang Zheneng Electric Power Co., Ltd.	1.42%	$0.07	12.91%
600268.SS	Guodian Nanjing Automation Co., Ltd.	1.42%	$0.15	33.78%
605089.SS	Suzhou Weizhixiang Food Co., Ltd.	1.42%	$0.36	67.75%
688677.SS	Qingdao NovelBeam Technology Co.,Ltd.	1.42%	$0.61	52.58%
7456.T	MATSUDA SANGYO Co., Ltd.	1.42%	$75.07	17.79%
DNR.MI	Industrie De Nora S.p.A.	1.42%	$0.10	22.74%
000039.SZ	China International Marine Containers (Group) Co., Ltd.	1.41%	$0.14	31.30%
000778.SZ	Xinxing Ductile Iron Pipes Co., Ltd.	1.41%	$0.06	60.76%
002434.SZ	Zhejiang Wanliyang Co., Ltd.	1.41%	$0.13	54.38%
0354.HK	Chinasoft International Limited	1.41%	$0.07	16.05%
300298.SZ	Sinocare Inc.	1.41%	$0.24	47.22%
600063.SS	Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd	1.41%	$0.08	31.80%
603058.SS	GuiZhou YongJi Printing CO.,LTD	1.41%	$0.13	42.37%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

AT&T Inc. 5.625% Global Notes d (TBC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener