DDM Analysis: 0K92.L

Valuation Snapshot

Stable Growth	$907.55 - $4,987.22	$1,650.39
Multi-Stage	$718.71 - $787.48	$752.45
Blended Fair Value	$1,201.42
Current Price	$609.32
Upside	97.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.15%	7.74%	8.18	7.70	7.26	6.78	6.58	6.07	5.66	4.75	4.42	4.16
YoY Growth	-	-	6.27%	6.08%	7.02%	3.15%	8.30%	7.19%	19.16%	7.66%	6.14%	7.10%
Dividend Yield	-	-	1.60%	1.63%	1.57%	1.52%	2.03%	2.01%	2.07%	1.36%	1.86%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,019.00
(-) Cash Dividends Paid (M)	1,263.00
(=) Cash Retained (M)	2,756.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	803.80	502.38	301.43
Cash Retained (M)	2,756.00	2,756.00	2,756.00
(-) Cash Required (M)	-803.80	-502.38	-301.43
(=) Excess Retained (M)	1,952.20	2,253.63	2,454.58
(/) Shares Outstanding (M)	144.93	144.93	144.93
(=) Excess Retained per Share	13.47	15.55	16.94
LTM Dividend per Share	8.71	8.71	8.71
(+) Excess Retained per Share	13.47	15.55	16.94
(=) Adjusted Dividend	22.19	24.27	25.65
WACC / Discount Rate	6.70%	6.70%	6.70%
Growth Rate	4.15%	5.15%	6.15%
Fair Value	$907.55	$1,650.39	$4,987.22
Upside / Downside	48.94%	170.86%	718.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,019.00	4,225.98	4,443.62	4,672.48	4,913.11	5,166.14	5,321.13
Payout Ratio	31.43%	43.14%	54.86%	66.57%	78.29%	90.00%	92.50%
Projected Dividends (M)	1,263.00	1,823.11	2,437.57	3,110.48	3,846.24	4,649.53	4,922.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.70%	6.70%	6.70%
Growth Rate	4.15%	5.15%	6.15%
Year 1 PV (M)	1,692.45	1,708.70	1,724.95
Year 2 PV (M)	2,100.68	2,141.21	2,182.13
Year 3 PV (M)	2,488.47	2,560.84	2,634.60
Year 4 PV (M)	2,856.55	2,967.85	3,082.37
Year 5 PV (M)	3,205.65	3,362.53	3,525.50
PV of Terminal Value (M)	91,814.55	96,307.81	100,975.29
Equity Value (M)	104,158.35	109,048.95	114,124.84
Shares Outstanding (M)	144.93	144.93	144.93
Fair Value	$718.71	$752.45	$787.48
Upside / Downside	17.95%	23.49%	29.24%

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Northrop Grumman Corporation (0K92.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener