DDM Analysis: 450330.KQ

Valuation Snapshot

Stable Growth	$2,131.56 - $3,333.73	$2,684.91
Multi-Stage	$5,084.78 - $5,602.11	$5,338.34
Blended Fair Value	$4,011.62
Current Price	$6,980.00
Upside	-42.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,555.42
(-) Cash Dividends Paid (M)	548.52
(=) Cash Retained (M)	1,006.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	311.08	194.43	116.66
Cash Retained (M)	1,006.90	1,006.90	1,006.90
(-) Cash Required (M)	-311.08	-194.43	-116.66
(=) Excess Retained (M)	695.81	812.47	890.24
(/) Shares Outstanding (M)	7.03	7.03	7.03
(=) Excess Retained per Share	99.04	115.64	126.71
LTM Dividend per Share	78.07	78.07	78.07
(+) Excess Retained per Share	99.04	115.64	126.71
(=) Adjusted Dividend	177.11	193.72	204.79
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2,131.56	$2,684.91	$3,333.73
Upside / Downside	-69.46%	-61.53%	-52.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,555.42	1,539.86	1,524.46	1,509.22	1,494.13	1,479.19	1,523.56
Payout Ratio	35.27%	46.21%	57.16%	68.11%	79.05%	90.00%	92.50%
Projected Dividends (M)	548.52	711.60	871.37	1,027.87	1,181.15	1,331.27	1,409.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	663.65	670.42	677.19
Year 2 PV (M)	757.88	773.43	789.13
Year 3 PV (M)	833.76	859.54	885.85
Year 4 PV (M)	893.53	930.56	968.73
Year 5 PV (M)	939.22	988.13	1,039.05
PV of Terminal Value (M)	31,636.17	33,283.53	34,998.83
Equity Value (M)	35,724.20	37,505.61	39,358.78
Shares Outstanding (M)	7.03	7.03	7.03
Fair Value	$5,084.78	$5,338.34	$5,602.11
Upside / Downside	-27.15%	-23.52%	-19.74%

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Hass (450330.KQ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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