DDM Analysis: TBC

Valuation Snapshot

Stable Growth	$17.81 - $24.87	$21.34
Multi-Stage	$51.06 - $56.38	$53.67
Blended Fair Value	$37.50
Current Price	$24.97
Upside	50.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.23%	-1.50%	1.14	1.13	1.37	2.10	2.08	2.07	1.87	1.68	1.64	1.42
YoY Growth	-	-	0.88%	-17.48%	-34.57%	0.75%	0.46%	11.02%	11.40%	2.04%	15.66%	6.78%
Dividend Yield	-	-	4.58%	4.57%	5.51%	8.24%	7.74%	8.13%	7.33%	6.74%	6.60%	5.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22,173.00
(-) Cash Dividends Paid (M)	12,339.00
(=) Cash Retained (M)	9,834.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,434.60	2,771.63	1,662.98
Cash Retained (M)	9,834.00	9,834.00	9,834.00
(-) Cash Required (M)	-4,434.60	-2,771.63	-1,662.98
(=) Excess Retained (M)	5,399.40	7,062.38	8,171.03
(/) Shares Outstanding (M)	7,179.98	7,179.98	7,179.98
(=) Excess Retained per Share	0.75	0.98	1.14
LTM Dividend per Share	1.72	1.72	1.72
(+) Excess Retained per Share	0.75	0.98	1.14
(=) Adjusted Dividend	2.47	2.70	2.86
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-6.42%	-5.42%	-4.42%
Fair Value	$17.81	$21.34	$24.87
Upside / Downside	-28.66%	-14.55%	-0.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22,173.00	20,972.18	19,836.40	18,762.13	17,746.03	16,784.96	17,288.51
Payout Ratio	55.65%	62.52%	69.39%	76.26%	83.13%	90.00%	92.50%
Projected Dividends (M)	12,339.00	13,111.60	13,764.33	14,307.90	14,752.23	15,106.47	15,991.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-6.42%	-5.42%	-4.42%
Year 1 PV (M)	12,174.03	12,304.12	12,434.20
Year 2 PV (M)	11,866.22	12,121.17	12,378.82
Year 3 PV (M)	11,452.80	11,823.88	12,202.88
Year 4 PV (M)	10,964.08	11,440.27	11,931.81
Year 5 PV (M)	10,424.52	10,993.50	11,587.07
PV of Terminal Value (M)	309,748.19	326,654.82	344,291.74
Equity Value (M)	366,629.83	385,337.75	404,826.53
Shares Outstanding (M)	7,179.98	7,179.98	7,179.98
Fair Value	$51.06	$53.67	$56.38
Upside / Downside	104.50%	114.93%	125.80%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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