DDM Analysis: 0M3L.L

Valuation Snapshot

Stable Growth	$305.52 - $1,145.51	$907.92
Multi-Stage	$142.65 - $156.09	$149.25
Blended Fair Value	$528.58
Current Price	$55.62
Upside	850.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.94%	9.94%	1.68	1.92	1.83	1.77	1.76	1.77	1.60	0.88	0.73	0.73
YoY Growth	-	-	-12.06%	4.83%	3.07%	0.77%	-0.38%	10.17%	82.95%	19.61%	-0.14%	12.35%
Dividend Yield	-	-	3.43%	4.49%	6.22%	2.73%	3.18%	7.15%	3.44%	1.68%	1.68%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	848.00
(-) Cash Dividends Paid (M)	263.00
(=) Cash Retained (M)	585.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.60	106.00	63.60
Cash Retained (M)	585.00	585.00	585.00
(-) Cash Required (M)	-169.60	-106.00	-63.60
(=) Excess Retained (M)	415.40	479.00	521.40
(/) Shares Outstanding (M)	147.22	147.22	147.22
(=) Excess Retained per Share	2.82	3.25	3.54
LTM Dividend per Share	1.79	1.79	1.79
(+) Excess Retained per Share	2.82	3.25	3.54
(=) Adjusted Dividend	4.61	5.04	5.33
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$305.52	$907.92	$1,145.51
Upside / Downside	449.30%	1,532.35%	1,959.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	848.00	903.12	961.82	1,024.34	1,090.92	1,161.83	1,196.69
Payout Ratio	31.01%	42.81%	54.61%	66.41%	78.20%	90.00%	92.50%
Projected Dividends (M)	263.00	386.64	525.24	680.22	853.13	1,045.65	1,106.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	357.65	361.04	364.43
Year 2 PV (M)	449.42	457.98	466.62
Year 3 PV (M)	538.39	553.85	569.59
Year 4 PV (M)	624.62	648.64	673.34
Year 5 PV (M)	708.16	742.37	777.88
PV of Terminal Value (M)	18,323.91	19,208.96	20,127.88
Equity Value (M)	21,002.14	21,972.82	22,979.75
Shares Outstanding (M)	147.22	147.22	147.22
Fair Value	$142.65	$149.25	$156.09
Upside / Downside	156.48%	168.34%	180.63%

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Financial Statements

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Zions Bancorporation, National Association (0M3L.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener