DDM Analysis: SYF

Valuation Snapshot

Stable Growth	$75.24 - $111.95	$92.74
Multi-Stage	$138.49 - $152.49	$145.35
Blended Fair Value	$119.04
Current Price	$71.05
Upside	67.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.29%	0.00%	1.03	1.05	1.13	1.30	1.35	1.51	1.38	1.16	0.55	0.00
YoY Growth	-	-	-1.97%	-6.45%	-13.20%	-3.85%	-10.50%	8.80%	19.73%	108.41%	0.00%	0.00%
Dividend Yield	-	-	1.95%	2.52%	3.87%	3.72%	3.32%	9.36%	4.25%	3.45%	1.62%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,575.00
(-) Cash Dividends Paid (M)	499.00
(=) Cash Retained (M)	3,076.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	715.00	446.88	268.13
Cash Retained (M)	3,076.00	3,076.00	3,076.00
(-) Cash Required (M)	-715.00	-446.88	-268.13
(=) Excess Retained (M)	2,361.00	2,629.13	2,807.88
(/) Shares Outstanding (M)	385.68	385.68	385.68
(=) Excess Retained per Share	6.12	6.82	7.28
LTM Dividend per Share	1.29	1.29	1.29
(+) Excess Retained per Share	6.12	6.82	7.28
(=) Adjusted Dividend	7.42	8.11	8.57
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$75.24	$92.74	$111.95
Upside / Downside	5.90%	30.52%	57.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,575.00	3,539.25	3,503.86	3,468.82	3,434.13	3,399.79	3,501.78
Payout Ratio	13.96%	29.17%	44.37%	59.58%	74.79%	90.00%	92.50%
Projected Dividends (M)	499.00	1,032.27	1,554.83	2,066.83	2,568.44	3,059.81	3,239.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	949.15	958.84	968.52
Year 2 PV (M)	1,314.52	1,341.48	1,368.72
Year 3 PV (M)	1,606.68	1,656.37	1,707.07
Year 4 PV (M)	1,835.85	1,911.93	1,990.36
Year 5 PV (M)	2,010.96	2,115.67	2,224.71
PV of Terminal Value (M)	45,695.42	48,074.88	50,552.46
Equity Value (M)	53,412.58	56,059.18	58,811.84
Shares Outstanding (M)	385.68	385.68	385.68
Fair Value	$138.49	$145.35	$152.49
Upside / Downside	94.92%	104.58%	114.62%

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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%
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1976.T	MEISEI INDUSTRIAL Co.,Ltd.	1.24%	$21.03	12.53%
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Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

Synchrony Financial (SYF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener