DDM Analysis: 206640.KQ

Valuation Snapshot

Stable Growth	$95,642.54 - $232,722.12	$218,094.71
Multi-Stage	$33,402.41 - $36,590.32	$34,966.97
Blended Fair Value	$126,530.84
Current Price	$13,890.00
Upside	810.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.60%	0.00%	201.42	151.01	195.68	211.20	52.62	53.02	52.75	95.96	108.36	0.00
YoY Growth	-	-	33.38%	-22.83%	-7.35%	301.38%	-0.76%	0.51%	-45.03%	-11.45%	0.00%	0.00%
Dividend Yield	-	-	1.30%	1.02%	1.84%	1.19%	0.31%	0.24%	0.44%	0.51%	0.60%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	25,534.20
(-) Cash Dividends Paid (M)	3,267.48
(=) Cash Retained (M)	22,266.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,106.84	3,191.77	1,915.06
Cash Retained (M)	22,266.71	22,266.71	22,266.71
(-) Cash Required (M)	-5,106.84	-3,191.77	-1,915.06
(=) Excess Retained (M)	17,159.87	19,074.94	20,351.65
(/) Shares Outstanding (M)	21.82	21.82	21.82
(=) Excess Retained per Share	786.41	874.18	932.68
LTM Dividend per Share	149.74	149.74	149.74
(+) Excess Retained per Share	786.41	874.18	932.68
(=) Adjusted Dividend	936.15	1,023.92	1,082.43
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95,642.54	$218,094.71	$232,722.12
Upside / Downside	588.57%	1,470.16%	1,575.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	25,534.20	27,193.92	28,961.52	30,844.02	32,848.88	34,984.06	36,033.58
Payout Ratio	12.80%	28.24%	43.68%	59.12%	74.56%	90.00%	92.50%
Projected Dividends (M)	3,267.48	7,678.80	12,649.79	18,234.55	24,491.90	31,485.65	33,331.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,140.25	7,207.93	7,275.61
Year 2 PV (M)	10,937.64	11,145.97	11,356.26
Year 3 PV (M)	14,660.73	15,081.59	15,510.42
Year 4 PV (M)	18,310.62	19,014.80	19,739.09
Year 5 PV (M)	21,888.38	22,945.59	24,043.27
PV of Terminal Value (M)	655,919.64	687,600.80	720,494.48
Equity Value (M)	728,857.26	762,996.68	798,419.14
Shares Outstanding (M)	21.82	21.82	21.82
Fair Value	$33,402.41	$34,966.97	$36,590.32
Upside / Downside	140.48%	151.74%	163.43%

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CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
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NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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Boditech Med Inc. (206640.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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