DDM Analysis: 0ABX.L

Valuation Snapshot

Stable Growth	$31.73 - $72.83	$46.30
Multi-Stage	$39.77 - $43.66	$41.68
Blended Fair Value	$43.99
Current Price	$19.41
Upside	126.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.42%	11.61%	0.40	0.41	0.63	0.36	0.33	0.32	0.07	0.07	0.05	0.09
YoY Growth	-	-	-2.36%	-35.06%	74.68%	9.12%	2.70%	348.59%	0.00%	45.35%	-46.25%	-31.03%
Dividend Yield	-	-	2.07%	2.42%	3.41%	1.48%	1.67%	1.76%	0.54%	0.57%	0.26%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,764.00
(-) Cash Dividends Paid (M)	688.00
(=) Cash Retained (M)	2,076.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	552.80	345.50	207.30
Cash Retained (M)	2,076.00	2,076.00	2,076.00
(-) Cash Required (M)	-552.80	-345.50	-207.30
(=) Excess Retained (M)	1,523.20	1,730.50	1,868.70
(/) Shares Outstanding (M)	1,736.13	1,736.13	1,736.13
(=) Excess Retained per Share	0.88	1.00	1.08
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.88	1.00	1.08
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.42%	3.42%	4.42%
Fair Value	$31.73	$46.30	$72.83
Upside / Downside	63.46%	138.55%	275.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,764.00	2,858.43	2,956.10	3,057.09	3,161.54	3,269.56	3,367.65
Payout Ratio	24.89%	37.91%	50.93%	63.96%	76.98%	90.00%	92.50%
Projected Dividends (M)	688.00	1,083.72	1,505.68	1,955.21	2,433.70	2,942.60	3,115.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	2.42%	3.42%	4.42%
Year 1 PV (M)	1,007.48	1,017.31	1,027.15
Year 2 PV (M)	1,301.27	1,326.81	1,352.59
Year 3 PV (M)	1,570.88	1,617.35	1,664.72
Year 4 PV (M)	1,817.75	1,889.79	1,963.95
Year 5 PV (M)	2,043.22	2,144.94	2,250.67
PV of Terminal Value (M)	61,310.83	64,363.06	67,535.66
Equity Value (M)	69,051.43	72,359.26	75,794.74
Shares Outstanding (M)	1,736.13	1,736.13	1,736.13
Fair Value	$39.77	$41.68	$43.66
Upside / Downside	104.91%	114.73%	124.92%

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FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
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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%
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Barrick Gold Corporation (0ABX.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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