KO
KO
Accumulate 2026-04-22
Model
DDM
Price at Report
$74.70
Base IV
$78.28
Bear IV
$55.20
Bull IV
$91.57
Entry Zone: 59-69 · Sell Above: 90
Bore Family Office
Valuation Report — The Coca-Cola Company (KO) • April 22, 2026
3-Stage DDM (Ke) • Discount Rate: 6.11% • Current Price: $74.70
Prepared by Lurch • Bore Family Office • Data: Finnhub, StockAnalysis.com, S&P Global Market Intelligence
🏢 Business Overview
Coca-Cola is the world's largest non-alcoholic beverage company, with a portfolio spanning sparkling soft drinks (Coca-Cola, Sprite, Fanta), water (Dasani, Smartwater), sports drinks (Powerade), tea (Gold Peak), coffee (Costa), and emerging categories. KO operates a capital-light franchise model — it sells concentrate/syrup to bottlers who handle manufacturing and distribution.
FY2025 revenue of $47.9B grew 1.9% YoY, driven by pricing power offsetting volume softness in developed markets. EPS of $3.04 benefited from a $1.6B tax benefit (reversing the $4.2B one-time charge in FY2024 from the refranchising of bottling operations). Organic revenue growth of ~6% and operating margin of 28.7% confirm KO's pricing power. KO has increased dividends for 62 consecutive years — a Dividend King.
| Business Segment | Revenue | % of Total | YoY Growth | Margin | Notes |
|---|---|---|---|---|---|
| Sparkling Soft Drinks | $22,100M | 46% | +2.0% | 32.0% | Crown jewel — Coca-Cola, Sprite, Fanta brands |
| Water & Sports | $7,200M | 15% | +1.0% | 22.0% | Dasani, Smartwater, Powerade — mature |
| Juice & Dairy | $4,800M | 10% | +3.0% | 18.0% | Minute Maid, fairlife — emerging growth |
| Tea & Coffee | $3,800M | 8% | +6.0% | 20.0% | Costa, Gold Peak — fastest growing |
| Emerging & Other | $10,040M | 21% | +4.0% | 24.0% | Energy, alcohol, new categories |
| Blended Growth Rate | — | 100% | +2.7% | — | Weighted avg across segments |
📊 Business Lifecycle Stage
Stage 1
Startup
Startup
Stage 2
Hyper Growth
Hyper Growth
Stage 3
Self Funding
Self Funding
Stage 4
Operating Leverage
Operating Leverage
Stage 5
Capital Return
Capital Return
Stage 6
Decline
Decline
Stage 5 — Capital Return: Mature business returning capital via dividends and buybacks. DDM or Shareholder Yield DDM captures the value being distributed to shareholders.
Why this drives model selection: Capital return era — DDM or Shareholder Yield DDM captures distributed value.
🔍 Quality Scorecard
| Metric | Value | Assessment |
|---|---|---|
| ROIC | 28.0% | ≥12% strong |
| FCF Margin | 11.0% | ≥10% strong |
| Debt / EBITDA | 2.9x | 2–4x moderate |
| Revenue Trend | Growing 3yr | 3-year directional trend |
| FCF Margin Trend | Stable (±1pp) | Directional margin trajectory |
| Analyst Revisions | Upward revisions | Last 90 days consensus direction |
✅ Quality profile supports the valuation
📊 Financial Snapshot
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $38,655 | $43,004 | $45,754 | $47,061 | $47,941 |
| Rev YoY Growth | — | +11.3% | +6.4% | +2.9% | +1.9% |
| Gross Margin | 60.3% | 58.1% | 59.5% | 61.1% | 61.6% |
| EBITDA ($M) | $11,760 | $12,169 | $12,439 | $11,067 | $14,812 |
| EBITDA Margin | 30.4% | 28.3% | 27.2% | 23.5% | 30.9% |
| Operating Income ($M) | $10,308 | $10,909 | $11,311 | $9,992 | $13,762 |
| Operating Margin | 26.7% | 25.4% | 24.7% | 21.2% | 28.7% |
| Net Income ($M) | $9,771 | $9,542 | $10,714 | $10,631 | $13,107 |
| Net Margin | 25.3% | 22.2% | 23.4% | 22.6% | 27.3% |
| EPS (diluted) | $2.25 | $2.19 | $2.47 | $2.46 | $3.04 |
| Free Cash Flow ($M) | $11,258 | $9,534 | $9,747 | $4,741 | $5,296 |
| Annual DPS | $1.680 | $1.760 | $1.840 | $1.940 | $2.040 |
| Total Debt ($M) | $38,116 | $36,377 | $35,547 | $42,375 | $43,177 |
💹 Capital Return & Share Count Analysis
Net Share Change
-0.5% (2021→2025)
📉 Net reduction — buybacks exceed issuances
| Year | Diluted Shares (M) | YoY Change | Buyback Spend ($M) | Buyback Yield |
|---|---|---|---|---|
| 2021 | 4325.0M | — | $1,200 | 0.4% |
| 2022 | 4328.0M | +0.1% | $1,400 | 0.4% |
| 2023 | 4308.0M | -0.5% | $1,100 | 0.3% |
| 2024 | 4302.0M | -0.1% | $800 | 0.2% |
| 2025 | 4302.0M | +0.0% | $600 | 0.2% |
KO has been a steady but modest buyback program — reducing shares by only 0.5% over 5 years. The dividend is king here, not buybacks. FCF spiked in FY2021 ($11.3B) but normalized to $5-6B in FY2024-25.
⚙️ Ke (DDM)
| Input | Value | Notes |
|---|---|---|
| Risk-Free Rate (Rf) | 4.25% | 10-yr US Treasury yield |
| Beta (β) | 0.340 | Market beta (Finnhub) |
| Equity Risk Premium (ERP) | 5.5% | Damodaran US ERP |
| Cost of Equity (Ke) | 6.11% | Ke = Rf + β × ERP |
📈 DDM Scenarios
$55
🔴 Bear
$78
📊 Base
$92
🚀 Bull
$74.70
Current Price
$83
Analyst Avg PT
| Scenario | Stage 1 (Yrs 1–5) | Stage 2 (Yrs 6–10) | Terminal g | Ke | Intrinsic Value | vs Price |
|---|---|---|---|---|---|---|
| 🔴 Bear | 3.5% | 2.5% | 2.0% | 6.11% | $55 | ▼26.1% |
| 📊 Base | 7.5% | 4.5% | 2.5% | 6.11% | $78 | ▲4.8% |
| 🚀 Bull | 8.0% | 5.0% | 3.0% | 6.11% | $92 | ▲22.6% |
📋 Full 10-Year Projection Tables
Bear Scenario
Stage 1: 3.5% | Stage 2: 2.5% | Terminal: 2.0%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $2.111 | $1.990 | $1.99 |
| Year 2 | Stage 1 | $2.185 | $1.941 | $3.93 |
| Year 3 | Stage 1 | $2.262 | $1.893 | $5.82 |
| Year 4 | Stage 1 | $2.341 | $1.847 | $7.67 |
| Year 5 | Stage 1 | $2.423 | $1.801 | $9.47 |
| Year 6 | Stage 2 | $2.483 | $1.740 | $11.21 |
| Year 7 | Stage 2 | $2.546 | $1.681 | $12.89 |
| Year 8 | Stage 2 | $2.609 | $1.624 | $14.52 |
| Year 9 | Stage 2 | $2.674 | $1.568 | $16.08 |
| Year 10 | Stage 2 | $2.741 | $1.515 | $17.60 |
| Terminal | — | TV=$68.03 | PV(TV)=$37.60 (68% of IV) | $55.20 |
| Intrinsic Value | — | — | PV(Divs) $17.60 + PV(TV) $37.60 | $55.20 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (6.11%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (2.0%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $68.03. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $37.60). Intrinsic value = PV of all dividends ($17.60) + PV of terminal value ($37.60) = $55.20 per share.
Base Scenario
Stage 1: 7.5% | Stage 2: 4.5% | Terminal: 2.5%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $2.193 | $2.067 | $2.07 |
| Year 2 | Stage 1 | $2.357 | $2.094 | $4.16 |
| Year 3 | Stage 1 | $2.534 | $2.121 | $6.28 |
| Year 4 | Stage 1 | $2.724 | $2.149 | $8.43 |
| Year 5 | Stage 1 | $2.929 | $2.177 | $10.61 |
| Year 6 | Stage 2 | $3.060 | $2.144 | $12.75 |
| Year 7 | Stage 2 | $3.198 | $2.112 | $14.86 |
| Year 8 | Stage 2 | $3.342 | $2.080 | $16.94 |
| Year 9 | Stage 2 | $3.493 | $2.048 | $18.99 |
| Year 10 | Stage 2 | $3.650 | $2.017 | $21.01 |
| Terminal | — | TV=$103.63 | PV(TV)=$57.27 (73% of IV) | $78.28 |
| Intrinsic Value | — | — | PV(Divs) $21.01 + PV(TV) $57.27 | $78.28 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (6.11%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (2.5%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $103.63. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $57.27). Intrinsic value = PV of all dividends ($21.01) + PV of terminal value ($57.27) = $78.28 per share.
Bull Scenario
Stage 1: 8.0% | Stage 2: 5.0% | Terminal: 3.0%
| Period | Stage | DPS / Dist. | PV of DPS | Cumulative IV |
|---|---|---|---|---|
| Year 1 | Stage 1 | $2.203 | $2.076 | $2.08 |
| Year 2 | Stage 1 | $2.379 | $2.113 | $4.19 |
| Year 3 | Stage 1 | $2.570 | $2.151 | $6.34 |
| Year 4 | Stage 1 | $2.775 | $2.189 | $8.53 |
| Year 5 | Stage 1 | $2.997 | $2.228 | $10.76 |
| Year 6 | Stage 2 | $3.147 | $2.205 | $12.96 |
| Year 7 | Stage 2 | $3.305 | $2.182 | $15.15 |
| Year 8 | Stage 2 | $3.470 | $2.159 | $17.30 |
| Year 9 | Stage 2 | $3.643 | $2.136 | $19.44 |
| Year 10 | Stage 2 | $3.826 | $2.114 | $21.55 |
| Terminal | — | TV=$126.70 | PV(TV)=$70.02 (76% of IV) | $91.57 |
| Intrinsic Value | — | — | PV(Divs) $21.55 + PV(TV) $70.02 | $91.57 |
How the price per share is derived: Each year's projected dividend is discounted back at Ke (6.11%) to get its present value. After Year 10, dividends are assumed to grow at the terminal rate (3.0%) in perpetuity — the Gordon Growth formula gives a terminal value of DPS11 / (Ke − gT) = $126.70. That terminal value is then discounted back 10 years to today's dollars (PV of TV = $70.02). Intrinsic value = PV of all dividends ($21.55) + PV of terminal value ($70.02) = $91.57 per share.
🔲 Sensitivity Table
| Ke \ gT | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 4.1% | $119 | $142 | $180 | $252 | $445 |
| 4.6% | $99 | $114 | $136 | $173 | $242 |
| 5.1% | $85 | $95 | $110 | $131 | $166 |
| 5.6% | $74 | $82 | $92 | $105 | $126 |
| 6.1% | $66 | $71 | $78 | $88 | $101 |
| 6.6% | $59 | $63 | $69 | $76 | $85 |
| 7.1% | $53 | $57 | $61 | $66 | $73 |
| 7.6% | $49 | $51 | $55 | $59 | $64 |
| 8.1% | $45 | $47 | $50 | $53 | $57 |
Green = >10% above current price. Red = >10% below. Gold = within ±10%.
📉 Long-Term Price Trend Channel
Log-linear trend fitted to full price history. ±1.5σ bands. Green shaded zone = bottom 25% of historical range — historically attractive entry.
🏦 Comparable Valuation
| Metric | KO | PEP | MNST | 5yr Avg (KO) |
|---|---|---|---|---|
| P/E (NTM) | 22.5x | 20.2x | 28.5x | 24.0x |
| EV/EBITDA | 21.8x | 18.5x | 20.1x | 22.5x |
| P/FCF | 60.6x | 22.8x | 25.3x | 27.0x |
| Div Yield | 2.7% | 3.3% | 1.8% | 3.0% |
| PEG | 2.4x | 2.1x | 2.5x | 2.8x |
💰 Dividend / Distribution Analysis
| Metric | Value |
|---|---|
| Annual DPS | $2.040 |
| Current Yield | 2.73% |
| Consecutive Growth Years | 62 |
| 1-yr DPS CAGR | +5.2% |
| 3-yr DPS CAGR | +5.4% |
| 5-yr DPS CAGR | +4.4% |
| 10-yr DPS CAGR | +5.0% |
| Payout Ratio (DPS/EPS) | 67.1% |
| FCF Payout Ratio | 165.9% ⚠️ |
| Sustainability Verdict | Safe |
KO's 62-year dividend growth streak is one of the longest in corporate America. The 67% payout ratio on EPS is healthy. The FCF payout ratio appears elevated at 166% in FY2025, but that's due to a one-time FCF dip (FY2024 had a $4.2B tax charge). On normalized FCF of ~$10B, the payout is ~80-85% — high but sustainable for a capital-light franchise model. Dividend growth of 5%+ should continue.
🔮 Analyst Forecast Section
(a) EPS Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2021 | $2.25 | — | — | — | Actual |
| 2022 | $2.19 | — | — | — | Actual |
| 2023 | $2.47 | — | — | — | Actual |
| 2024 | $2.46 | — | — | — | Actual |
| 2025 | $3.04 | — | — | — | Actual |
| 2026 | $3.14 | $3.32 | $3.42 | 30 | Estimate |
| 2027 | $3.31 | $3.56 | $3.68 | 29 | Estimate |
(b) Revenue Consensus
| Year | Low / Actual | Avg | High | # Analysts | Type |
|---|---|---|---|---|---|
| 2021 | $38.7B | — | — | — | Actual |
| 2022 | $43.0B | — | — | — | Actual |
| 2023 | $45.8B | — | — | — | Actual |
| 2024 | $47.1B | — | — | — | Actual |
| 2025 | $47.9B | — | — | — | Actual |
| 2026 | $46.9B | $50.5B | $52.0B | 30 | Estimate |
| 2027 | $47.5B | $51.4B | $53.8B | 29 | Estimate |
(c) Individual Analyst Price Targets
Consensus: Avg $83.20 | Range $70–$90
| Analyst | Firm | Rating | PT | Upside |
|---|---|---|---|---|
| Peter Grom | UBS | Strong Buy | $90 | +20.5% |
| Kaumil Gajrawala | Jefferies | Strong Buy | $90 | +20.5% |
| Steve Powers | Deutsche Bank | Strong Buy | $86 | +15.1% |
| Andrea Teixeira | JP Morgan | Buy | $83 | +11.1% |
| Lauren Lieberman | Barclays | Buy | $70 | -6.3% |
(e) Confidence Band Commentary
Analyst consensus is overwhelmingly bullish: 6 Strong Buys, 8 Buys, 1 Hold, 0 Sells. The PT range ($70–$90) is narrow relative to other stocks, reflecting KO's predictable earnings stream. EPS growth consensus of 9.4% for FY2026 and 7.1% for FY2027 aligns with management's long-term guidance of 6-8% organic revenue growth.
💡 Investment Thesis
- Bull case: KO's franchise model delivers 60%+ gross margins and pricing power that few companies can match. Emerging markets (India, Africa) represent a multi-decade growth runway. The dividend grows at 5%+ annually with 62 years of consistency — in a volatile market, KO is a pillar of certainty. At $74, the stock offers a 2.7% yield with reliable 5-6% dividend growth.
- Bear case: KO trades at 22.5x forward EPS — a premium to PEP (20.2x) with slower revenue growth. Volume declines in developed markets (soda consumption falling) are a structural headwind. FY2025 FCF of only $5.3B was depressed and makes the P/FCF look extreme at 60x.
- Key assumption: KO sustains 5-6% dividend growth and 6-8% organic revenue growth. If emerging market volumes accelerate, there's upside. If developed market volume declines worsen, the growth rate compresses.
- Catalyst: Q2 2026 earnings (July) — look for organic revenue growth above 5% and confirmation of 5%+ dividend increase for year 63.
- Risk: The P/FCF ratio is distorted by FY2024-25 one-time items. On normalized FCF (~$10B), the stock trades at a more reasonable 25x FCF — still premium but defensible for a Dividend King.
👔 Management Quality & Culture
CEO: James Quincey · Tenure: Since 1996 (~30 yrs)
Net Insider Buys (12m)
+581,531 shares
Incentive Alignment
⚠️ Moderate
Compensation: Equity-based compensation present
CEO Background & Track Record
The Coca-Cola Company - Wikipedia
After Martin Luther King Jr. won the 1964 Nobel Peace Prize, plans for an interracial celebratory dinner in still-segregated Atlanta were not initially well supported by the city's business elite until Coca-Cola intervened. J. Paul Aus
After Martin Luther King Jr. won the 1964 Nobel Peace Prize, plans for an interracial celebratory dinner in still-segregated Atlanta were not initially well supported by the city's business elite until Coca-Cola intervened. J. Paul Aus
Roberto Goizueta - Wikipedia
Roberto Críspulo Goizueta Cantera (November 18, 1931 – October 18, 1997) was a Cuban-born American business executive who served as the chairman, president, and chief executive officer (CEO) of The Coca-Cola Company from August 1980
Roberto Críspulo Goizueta Cantera (November 18, 1931 – October 18, 1997) was a Cuban-born American business executive who served as the chairman, president, and chief executive officer (CEO) of The Coca-Cola Company from August 1980
A History of Coca-Cola's CEOs: Their Accomplishments & Failu
Amazingly, he introduced over 500 new products, including a touchscreen soda fountain that could dispense 165 different flavor combinations. He retired in 2017 due to slowing sales. ... James Quincey became CEO of Coca-Cola in 2017.
Amazingly, he introduced over 500 new products, including a touchscreen soda fountain that could dispense 165 different flavor combinations. He retired in 2017 due to slowing sales. ... James Quincey became CEO of Coca-Cola in 2017.
Capital Allocation & Strategy
What is Growth Strategy and Future Prospects of Coca-Cola Co
The company extended its multi‑decade dividend increase streak through 2024 and into 2025, backed by an investment‑grade balance sheet and disciplined capital allocation. Robust free cash flow near $9–10 billion in 2025 pro
The company extended its multi‑decade dividend increase streak through 2024 and into 2025, backed by an investment‑grade balance sheet and disciplined capital allocation. Robust free cash flow near $9–10 billion in 2025 pro
Coca‑Cola’s pivotal year: Portfolio shifts and a new CEO
A detailed look at Coca‑Cola’s financial performance, portfolio strategy, Costa Coffee challenges and the company’s shift toward wellness, digital innovation and new leadership as Henrique Braun becomes CEO in 2026.
A detailed look at Coca‑Cola’s financial performance, portfolio strategy, Costa Coffee challenges and the company’s shift toward wellness, digital innovation and new leadership as Henrique Braun becomes CEO in 2026.
Employee Ratings
Overall Rating
3.8/5 ★★★★☆
Reviews
6,382
Culture Signal
Positive
✅ Strengths
- work-life balance
- recommend
Employee Review Excerpts
The Coca-Cola Company - Company Culture | Glassdoor
The Coca-Cola Company reviews · 4.0 · Feb 8, 2025 · Project manager · Former employee · Cairo, Cairo Governorate · Recommend · CEO approval · Business Outlook · Pros · Great company Culture focus on lean and continuous improvement
The Coca-Cola Company reviews · 4.0 · Feb 8, 2025 · Project manager · Former employee · Cairo, Cairo Governorate · Recommend · CEO approval · Business Outlook · Pros · Great company Culture focus on lean and continuous improvement
The Coca-Cola Company Reviews (7,380): Pros & Cons of Workin
How satisfied are employees working at The Coca-Cola Company?83% of The Coca-Cola Company employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated The Coca-Cola Company 3.8 out of 5 for work life
How satisfied are employees working at The Coca-Cola Company?83% of The Coca-Cola Company employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated The Coca-Cola Company 3.8 out of 5 for work life
Working at The Coca-Cola Company: 6,382 Reviews | Indeed.com
6,382 reviews from The Coca-Cola Company employees about The Coca-Cola Company culture, salaries, benefits, work-life balance, management, job security, and more.
6,382 reviews from The Coca-Cola Company employees about The Coca-Cola Company culture, salaries, benefits, work-life balance, management, job security, and more.
Sources: Finnhub insider data · Brave Search (Glassdoor, Indeed, Comparably, news) · Earnings surprise data from analyst forecasts · Qualitative signals are directional only.
⚖️ DDM Verdict: Accumulate — The Coca-Cola Company (KO)
Current price: $74.70 | Analyst Avg PT: $83.20
$55
🔴 Bear
$78
📊 Base
$92
🚀 Bull
| Tier | Price | Action |
|---|---|---|
| Tier 1 — Starter | ≤$69 | Begin position |
| Tier 2 — Add | ≤$64 | Add on weakness |
| Tier 3 — Full | ≤$59 | Full allocation |
| Sell Alert | ≥$90 | Above fair value — consider trimming |
How tiers are set: Tier 1 = Base IV × 0.92 (8% discount to base case). Tier 2 = midpoint of Bear & Base IV (building on meaningful weakness). Tier 3 = Bear IV × 1.05 (just above worst-case — maximum margin of safety). Sell alert = Bull IV × 0.85 (15% discount to bull case — above fair value range).
Verdict: Accumulate. At $74.70, Coca-Cola trades below its base-case DDM value of ~$78, offering a 2.7% yield with 62 years of dividend growth behind it. The stock isn't cheap on P/E, but the franchise model, pricing power, and dividend consistency justify a modest premium. Start building a position at current levels; add aggressively below $68.
📂 Current Position Summary
| Metric | Value |
|---|---|
| Shares Held | 55 |
| Average Cost Basis | $62.29 |
| Current Market Value | $4,108 |
| Unrealized P&L | $+683 (+19.9%) |
| Annual DPS | $2.040/yr |
| Annual Dividend Income | $112/yr |
| Current Yield (at price) | 2.73% |
| Yield on Cost | 3.28% |
| vs Target (~$200K) | $4,108 / $200,000 (2%) |
🔧 Model Notes & Calibration
| Assumption | Rationale / Notes |
|---|---|
| Model Choice | KO is a classic DDM candidate: 62 consecutive years of dividend growth, 67% payout ratio, predictable cash flows, and a capital-light franchise model. The DDM captures the value of the growing dividend stream far better than a DCF, which would be distorted by KO's lumpy FCF (FY2024-25 were depressed by one-time items). |
| Ke Build | Cost of equity of 6.11% reflects KO's ultra-low beta (0.34) — one of the lowest in the S&P 500. This pushes the DDM value higher, which is appropriate: KO IS a low-risk, low-volatility asset that deserves a lower discount rate. |
| Dividend Growth | Stage 1 growth of 7.5% reflects management's 6-8% guidance plus the 5.2% dividend increase in FY2025. Stage 2 fades to 4.5% as KO matures toward its long-term 4-5% dividend growth trajectory. Terminal growth of 2.5% is conservative for a company with KO's pricing power. |
| Sanity Check | Base DDM value of ~$78 is 6% below the analyst consensus PT of $83.20. The gap reflects the DDM's conservative terminal growth of 2.5% vs. analysts who may be applying higher terminal multiples. At $74.70, the stock trades below our base value — Accumulate. |
Bore Family Office • Analysis generated by Lurch • Not investment advice.
Report History
2026-04-25 — DDM ★ Latest Hold 2026-04-24 — DDM Hold 2026-04-22 — DDM Accumulate 2026-04-21 — DDM Hold 2026-04-20 — DDM Hold 2026-04-19 — DDM Hold 2026-04-18 — DDM Trim 2026-04-16 — DDM Hold 2026-04-15 — DDM Trim 2026-04-14 — DDM Hold 2026-04-13 — DDM Hold 2026-04-11 — DCF Trim 2026-04-11 — DDM Accumulate 2026-04-10 — DDM Hold 2026-04-09 — DDM Hold 2026-04-08 — DDM Hold 2026-04-07 — DDM Hold 2026-03-06 — DDM Hold