DDM Analysis: TEL

Valuation Snapshot

Stable Growth	$143.66 - $389.92	$221.23
Multi-Stage	$154.55 - $169.39	$161.83
Blended Fair Value	$191.53
Current Price	$217.04
Upside	-11.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.14%	4.81%	2.68	2.54	2.42	2.29	2.16	2.09	2.03	1.96	1.82	1.70
YoY Growth	-	-	5.66%	4.83%	5.84%	5.87%	3.52%	2.80%	3.40%	7.69%	7.27%	1.39%
Dividend Yield	-	-	1.24%	1.75%	1.72%	1.99%	1.36%	1.74%	2.13%	2.63%	1.92%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,842.00
(-) Cash Dividends Paid (M)	803.00
(=) Cash Retained (M)	1,039.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	368.40	230.25	138.15
Cash Retained (M)	1,039.00	1,039.00	1,039.00
(-) Cash Required (M)	-368.40	-230.25	-138.15
(=) Excess Retained (M)	670.60	808.75	900.85
(/) Shares Outstanding (M)	299.25	299.25	299.25
(=) Excess Retained per Share	2.24	2.70	3.01
LTM Dividend per Share	2.68	2.68	2.68
(+) Excess Retained per Share	2.24	2.70	3.01
(=) Adjusted Dividend	4.92	5.39	5.69
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.14%	4.14%	5.14%
Fair Value	$143.66	$221.23	$389.92
Upside / Downside	-33.81%	1.93%	79.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,842.00	1,918.25	1,997.67	2,080.37	2,166.49	2,256.18	2,323.86
Payout Ratio	43.59%	52.88%	62.16%	71.44%	80.72%	90.00%	92.50%
Projected Dividends (M)	803.00	1,014.28	1,241.68	1,486.16	1,748.76	2,030.56	2,149.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	3.14%	4.14%	5.14%
Year 1 PV (M)	941.68	950.81	959.94
Year 2 PV (M)	1,070.29	1,091.15	1,112.20
Year 3 PV (M)	1,189.34	1,224.27	1,259.88
Year 4 PV (M)	1,299.32	1,350.45	1,403.07
Year 5 PV (M)	1,400.71	1,469.94	1,541.89
PV of Terminal Value (M)	40,347.46	42,341.72	44,414.06
Equity Value (M)	46,248.80	48,428.34	50,691.04
Shares Outstanding (M)	299.25	299.25	299.25
Fair Value	$154.55	$161.83	$169.39
Upside / Downside	-28.79%	-25.44%	-21.95%

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TE Connectivity Ltd. (TEL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener