DDM Analysis: NSIS-B.CO

Valuation Snapshot

Stable Growth	$12.25 - $16.15	$14.29
Multi-Stage	$44.28 - $49.10	$46.64
Blended Fair Value	$30.46
Current Price	$389.10
Upside	-92.17%
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	-29.54%	-10.84%	0.54	6.08	3.28	3.15	3.19	3.09	2.83	2.57	2.28	1.99
YoY Growth	-	-	-91.16%	85.37%	4.03%	-1.21%	3.13%	9.27%	10.40%	12.35%	14.70%	17.53%
Dividend Yield	-	-	0.13%	1.54%	0.93%	0.68%	0.79%	1.00%	0.91%	0.82%	0.83%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,594.67
(-) Cash Dividends Paid (M)	1,434.41
(=) Cash Retained (M)	160.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	318.93	199.33	119.60
Cash Retained (M)	160.26	160.26	160.26
(-) Cash Required (M)	-318.93	-199.33	-119.60
(=) Excess Retained (M)	-158.68	-39.08	40.66
(/) Shares Outstanding (M)	464.71	464.71	464.71
(=) Excess Retained per Share	-0.34	-0.08	0.09
LTM Dividend per Share	3.09	3.09	3.09
(+) Excess Retained per Share	-0.34	-0.08	0.09
(=) Adjusted Dividend	2.75	3.00	3.17
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-13.12%	-12.12%	-11.12%
Fair Value	$12.25	$14.29	$16.15
Upside / Downside	-96.85%	-96.33%	-95.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,594.67	1,401.42	1,231.59	1,082.34	951.17	835.90	860.98
Payout Ratio	89.95%	89.96%	89.97%	89.98%	89.99%	90.00%	92.50%
Projected Dividends (M)	1,434.41	1,260.72	1,108.06	973.89	855.96	752.31	796.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-13.12%	-12.12%	-11.12%
Year 1 PV (M)	1,171.96	1,185.45	1,198.94
Year 2 PV (M)	957.52	979.69	1,002.12
Year 3 PV (M)	782.33	809.65	837.61
Year 4 PV (M)	639.19	669.13	700.10
Year 5 PV (M)	522.23	552.99	585.17
PV of Terminal Value (M)	16,503.78	17,475.68	18,492.84
Equity Value (M)	20,577.00	21,672.59	22,816.78
Shares Outstanding (M)	464.71	464.71	464.71
Fair Value	$44.28	$46.64	$49.10
Upside / Downside	-88.62%	-88.01%	-87.38%

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

Novozymes A/S (NSIS-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener