DDM Analysis: B

Valuation Snapshot

Stable Growth	$170.69 - $413.56	$387.57
Multi-Stage	$59.79 - $65.48	$62.58
Blended Fair Value	$225.08
Current Price	$32.77
Upside	586.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.90%	11.61%	0.40	0.41	0.66	0.37	0.32	0.32	0.07	0.07	0.05	0.09
YoY Growth	-	-	-0.57%	-38.76%	80.28%	15.90%	-0.18%	338.40%	0.00%	45.35%	-46.25%	-31.03%
Dividend Yield	-	-	2.08%	2.41%	3.57%	1.50%	1.60%	1.74%	0.54%	0.58%	0.26%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,583.00
(-) Cash Dividends Paid (M)	770.71
(=) Cash Retained (M)	2,812.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	716.60	447.88	268.73
Cash Retained (M)	2,812.29	2,812.29	2,812.29
(-) Cash Required (M)	-716.60	-447.88	-268.73
(=) Excess Retained (M)	2,095.69	2,364.41	2,543.56
(/) Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
(=) Excess Retained per Share	1.22	1.37	1.48
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	1.22	1.37	1.48
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$170.69	$387.57	$413.56
Upside / Downside	420.88%	1,082.69%	1,162.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,583.00	3,815.90	4,063.93	4,328.08	4,609.41	4,909.02	5,056.29
Payout Ratio	21.51%	35.21%	48.91%	62.60%	76.30%	90.00%	92.50%
Projected Dividends (M)	770.71	1,343.51	1,987.51	2,709.56	3,517.07	4,418.12	4,677.07

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)	1,249.33	1,261.18	1,273.02
Year 2 PV (M)	1,718.64	1,751.38	1,784.42
Year 3 PV (M)	2,178.78	2,241.32	2,305.05
Year 4 PV (M)	2,629.87	2,731.01	2,835.03
Year 5 PV (M)	3,072.05	3,220.43	3,374.49
PV of Terminal Value (M)	92,174.12	96,626.16	101,248.59
Equity Value (M)	103,022.79	107,831.48	112,820.61
Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
Fair Value	$59.79	$62.58	$65.48
Upside / Downside	82.46%	90.98%	99.81%

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

Barrick Mining Corporation (B)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener