DDM Analysis: ETN

Valuation Snapshot

Stable Growth	$205.29 - $484.91	$302.49
Multi-Stage	$253.20 - $277.72	$265.23
Blended Fair Value	$283.86
Current Price	$374.25
Upside	-24.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.55%	4.91%	3.82	3.51	3.30	3.10	2.99	3.06	2.92	2.72	2.64	2.61
YoY Growth	-	-	8.77%	6.16%	6.56%	3.74%	-2.16%	4.53%	7.58%	2.99%	1.07%	10.44%
Dividend Yield	-	-	1.40%	1.12%	1.93%	2.04%	2.16%	3.93%	3.55%	3.40%	3.56%	4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,927.00
(-) Cash Dividends Paid (M)	1,592.00
(=) Cash Retained (M)	2,335.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	785.40	490.88	294.53
Cash Retained (M)	2,335.00	2,335.00	2,335.00
(-) Cash Required (M)	-785.40	-490.88	-294.53
(=) Excess Retained (M)	1,549.60	1,844.13	2,040.48
(/) Shares Outstanding (M)	393.05	393.05	393.05
(=) Excess Retained per Share	3.94	4.69	5.19
LTM Dividend per Share	4.05	4.05	4.05
(+) Excess Retained per Share	3.94	4.69	5.19
(=) Adjusted Dividend	7.99	8.74	9.24
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.55%	3.55%	4.55%
Fair Value	$205.29	$302.49	$484.91
Upside / Downside	-45.15%	-19.17%	29.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,927.00	4,066.27	4,210.48	4,359.81	4,514.43	4,674.54	4,814.78
Payout Ratio	40.54%	50.43%	60.32%	70.22%	80.11%	90.00%	92.50%
Projected Dividends (M)	1,592.00	2,050.70	2,539.93	3,061.28	3,616.42	4,207.09	4,453.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.55%	3.55%	4.55%
Year 1 PV (M)	1,906.24	1,924.83	1,943.42
Year 2 PV (M)	2,194.70	2,237.71	2,281.14
Year 3 PV (M)	2,458.86	2,531.49	2,605.55
Year 4 PV (M)	2,700.13	2,807.01	2,917.02
Year 5 PV (M)	2,919.87	3,065.04	3,215.93
PV of Terminal Value (M)	87,339.63	91,682.03	96,195.47
Equity Value (M)	99,519.43	104,248.12	109,158.53
Shares Outstanding (M)	393.05	393.05	393.05
Fair Value	$253.20	$265.23	$277.72
Upside / Downside	-32.35%	-29.13%	-25.79%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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Eaton Corporation plc (ETN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener