DDM Analysis: ABF.L

Valuation Snapshot

Stable Growth	$54.71 - $106.92	$75.38
Multi-Stage	$51.53 - $56.34	$53.89
Blended Fair Value	$64.63
Current Price	$18.95
Upside	241.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.00%	6.97%	0.67	0.46	0.51	0.07	0.36	0.48	0.44	0.40	0.37	0.36
YoY Growth	-	-	45.51%	-9.21%	675.51%	-81.92%	-24.30%	9.48%	9.36%	7.17%	2.95%	5.86%
Dividend Yield	-	-	2.86%	2.30%	4.01%	0.33%	1.79%	2.10%	1.90%	1.20%	1.22%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,492.00
(-) Cash Dividends Paid (M)	825.00
(=) Cash Retained (M)	1,667.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	498.40	311.50	186.90
Cash Retained (M)	1,667.00	1,667.00	1,667.00
(-) Cash Required (M)	-498.40	-311.50	-186.90
(=) Excess Retained (M)	1,168.60	1,355.50	1,480.10
(/) Shares Outstanding (M)	751.31	751.31	751.31
(=) Excess Retained per Share	1.56	1.80	1.97
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	1.56	1.80	1.97
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$54.71	$75.38	$106.92
Upside / Downside	188.73%	297.77%	464.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,492.00	2,614.12	2,742.22	2,876.60	3,017.56	3,165.43	3,260.40
Payout Ratio	33.11%	44.48%	55.86%	67.24%	78.62%	90.00%	92.50%
Projected Dividends (M)	825.00	1,162.88	1,531.90	1,934.29	2,372.44	2,848.89	3,015.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	1,057.28	1,067.46	1,077.64
Year 2 PV (M)	1,266.31	1,290.81	1,315.53
Year 3 PV (M)	1,453.75	1,496.13	1,539.32
Year 4 PV (M)	1,621.13	1,684.45	1,749.60
Year 5 PV (M)	1,769.92	1,856.75	1,946.95
PV of Terminal Value (M)	31,546.61	33,094.23	34,702.01
Equity Value (M)	38,715.00	40,489.82	42,331.05
Shares Outstanding (M)	751.31	751.31	751.31
Fair Value	$51.53	$53.89	$56.34
Upside / Downside	171.93%	184.39%	197.32%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

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%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Associated British Foods plc (ABF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener