DDM Analysis: FCX

Valuation Snapshot

Stable Growth	$32.25 - $81.54	$48.58
Multi-Stage	$22.86 - $24.94	$23.88
Blended Fair Value	$36.23
Current Price	$39.22
Upside	-7.63%
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	24.34%	-4.03%	0.60	0.60	0.60	0.23	0.05	0.20	0.15	0.00	0.00	0.42
YoY Growth	-	-	0.23%	-0.35%	161.63%	353.42%	-74.91%	33.49%	10,800.00%	-66.67%	-99.01%	-53.64%
Dividend Yield	-	-	1.58%	1.26%	1.47%	0.46%	0.15%	2.99%	1.15%	0.01%	0.03%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,066.00
(-) Cash Dividends Paid (M)	865.00
(=) Cash Retained (M)	1,201.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	413.20	258.25	154.95
Cash Retained (M)	1,201.00	1,201.00	1,201.00
(-) Cash Required (M)	-413.20	-258.25	-154.95
(=) Excess Retained (M)	787.80	942.75	1,046.05
(/) Shares Outstanding (M)	1,444.00	1,444.00	1,444.00
(=) Excess Retained per Share	0.55	0.65	0.72
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.55	0.65	0.72
(=) Adjusted Dividend	1.14	1.25	1.32
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.25	$48.58	$81.54
Upside / Downside	-17.78%	23.86%	107.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,066.00	2,200.29	2,343.31	2,495.62	2,657.84	2,830.60	2,915.52
Payout Ratio	41.87%	51.49%	61.12%	70.75%	80.37%	90.00%	92.50%
Projected Dividends (M)	865.00	1,133.03	1,432.25	1,765.59	2,136.20	2,547.54	2,696.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,027.41	1,037.15	1,046.89
Year 2 PV (M)	1,177.67	1,200.11	1,222.75
Year 3 PV (M)	1,316.43	1,354.22	1,392.72
Year 4 PV (M)	1,444.28	1,499.83	1,556.96
Year 5 PV (M)	1,561.83	1,637.26	1,715.59
PV of Terminal Value (M)	26,476.34	27,755.16	29,082.92
Equity Value (M)	33,003.97	34,483.72	36,017.82
Shares Outstanding (M)	1,444.00	1,444.00	1,444.00
Fair Value	$22.86	$23.88	$24.94
Upside / Downside	-41.72%	-39.11%	-36.40%

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688267.SS	China Catalyst Holding Co., Ltd.	1.26%	$0.35	34.87%
8848.T	Leopalace21 Corporation	1.26%	$8.31	27.11%
BAUH4.SA	Excelsior Alimentos S.A.	1.26%	$1.17	21.88%
CAST.ST	Castellum AB (publ)	1.26%	$1.33	21.53%
CRH	CRH plc	1.26%	$1.60	33.62%
HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
JCI	Johnson Controls International plc	1.26%	$1.54	56.71%
KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
SAREGAMA.BO	Saregama India Limited	1.26%	$4.51	42.77%
SDPC.JK	PT Millennium Pharmacon International Tbk	1.26%	$2.00	15.16%
002448.SZ	ZYNP Corporation	1.25%	$0.16	32.06%
0QLU.L	Basler Kantonalbank	1.25%	$1.11	12.42%
145720.KS	Dentium Co. Ltd.	1.25%	$599.51	9.81%
204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
9719.T	SCSK Corporation	1.25%	$70.95	36.13%
ENTER.AT	Entersoft S.A.	1.25%	$0.10	20.30%
ETN	Eaton Corporation plc	1.25%	$4.08	40.54%
IRFC.BO	Indian Railway Finance Corporation Limited	1.25%	$1.60	30.59%
LVC.WA	LiveChat Software S.A.	1.25%	$1.46	20.71%
ORSTED.CO	Ørsted A/S	1.25%	$1.60	10.19%
000514.SZ	Chongqing Yukaifa Co., Ltd	1.24%	$0.06	55.20%
002346.SZ	Shanghai Zhezhong Group Co.,Ltd	1.24%	$0.25	18.48%
002748.SZ	Jiangxi Selon Industrial Co., Ltd.	1.24%	$0.16	89.09%
1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
300763.SZ	Ginlong Technologies Co., Ltd.	1.24%	$0.88	39.17%
600871.SS	Sinopec Oilfield Service Corporation	1.24%	$0.03	81.02%
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605116.SS	Aurisco Pharmaceutical Co.,Ltd.	1.24%	$0.31	29.49%
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MNC.WA	Mennica Polska S.A.	1.24%	$0.60	6.22%
MTHH.CO	MT Højgaard Holding A/S	1.24%	$6.49	19.74%
WALL-B.ST	Wallenstam AB (publ)	1.24%	$0.51	17.40%
WRT1V.HE	Wärtsilä Oyj Abp	1.24%	$0.38	40.46%
041830.KQ	InBody Co.,Ltd	1.23%	$400.00	16.47%
0QHK.L	SeSa S.p.A.	1.23%	$1.12	27.54%
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300726.SZ	Zhuzhou Hongda Electronics Corp.,Ltd.	1.23%	$0.63	74.98%
300916.SZ	Shenzhen Longtech Smart Control Co., Ltd.	1.23%	$0.40	42.79%
4148.TW	All Cosmos Bio-Tech Holding Corporation	1.23%	$0.48	23.21%
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Freeport-McMoRan Inc. (FCX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener