DDM Analysis: FG

Valuation Snapshot

Stable Growth	$120.36 - $696.44	$224.18
Multi-Stage	$70.59 - $77.19	$73.83
Blended Fair Value	$149.01
Current Price	$31.27
Upside	376.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	68.15%	0.00%	0.91	0.76	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	19.80%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.53%	1.88%	0.00%	0.00%	0.00%	0.41%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	464.00
(-) Cash Dividends Paid (M)	131.00
(=) Cash Retained (M)	333.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	92.80	58.00	34.80
Cash Retained (M)	333.00	333.00	333.00
(-) Cash Required (M)	-92.80	-58.00	-34.80
(=) Excess Retained (M)	240.20	275.00	298.20
(/) Shares Outstanding (M)	132.50	132.50	132.50
(=) Excess Retained per Share	1.81	2.08	2.25
LTM Dividend per Share	0.99	0.99	0.99
(+) Excess Retained per Share	1.81	2.08	2.25
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.36	$224.18	$696.44
Upside / Downside	284.90%	616.93%	2,127.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	464.00	494.16	526.28	560.49	596.92	635.72	654.79
Payout Ratio	28.23%	40.59%	52.94%	65.29%	77.65%	90.00%	92.50%
Projected Dividends (M)	131.00	200.56	278.61	365.96	463.49	572.15	605.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	184.04	185.78	187.53
Year 2 PV (M)	234.59	239.06	243.57
Year 3 PV (M)	282.75	290.87	299.14
Year 4 PV (M)	328.60	341.24	354.24
Year 5 PV (M)	372.22	390.20	408.86
PV of Terminal Value (M)	7,951.20	8,335.25	8,734.00
Equity Value (M)	9,353.40	9,782.39	10,227.33
Shares Outstanding (M)	132.50	132.50	132.50
Fair Value	$70.59	$73.83	$77.19
Upside / Downside	125.75%	136.10%	146.84%

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F&G Annuities & Life, Inc. (FG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener