ExxonMobil Holdings Corporation

DCF against the market -30.2% (tolerance 15.0%). Price level against 2025 (Assumptions, Revenue drivers), 1 in 2027: The DCF's equity value is about 30 per cent below the market capitalisation (533 against 764 billion at the snapshot). The assumption that causes it is the price level: the forecast returns 2027's realisation to 2025's (Price level against 2025 = 1, near the plan's 65 dollars real Brent), about 18 per cent below 2026's. At a price level of 1.15 the DCF's equity value is about 722 billion, 5.5 per cent below the market, so a level of about 1.18, close to 2026's 1.22, closes the gap: the market prices in most of 2026's price rise lasting. The market-implied WACC, the steady-state reading, is 5.3

Residual income against the market -17.9% (tolerance 15.0%). Price level against 2025 (Assumptions, Revenue drivers), 1 in 2027: Residual income's equity value is about 18 per cent below the market capitalisation (627 against 764 billion at the snapshot). The assumption that causes it is the same price level as the DCF's gap: at 1.15 residual income's equity value is about 893 billion, 17 per cent above the market, so a level of about 1.08, 2024's realisation against 2025's, closes the gap. The market-implied growth of residual operating income after 2031 is about 5.4 per cent a year against the model's 3.8, where sales went from 277 billion in 2021 to 399 billion in 2022 and 324 billion in 2025 and ROIC ran 8.7 to 26.0

Residual income against DCF 17.5% (tolerance 15.0%). the steady state: residual income's continuing value grows at the long-run nominal GDP growth (3.8 per cent), the DCF's at the 2.5 per cent terminal growth with new capital earning the 12 per cent RON: Residual income is about 17 per cent above the DCF (627 against 533 billion at the snapshot), past the tolerance. The window's values agree (the same core NOPAT and invested capital), so the gap is the continuing values': residual income grows the horizon's residual operating income at the 3.8 per cent long-run GDP growth, the DCF grows NOPAT at the 2.5 per cent terminal growth with new capital earning the 12 per cent RONIC. With residual income's growth at 2.5 per cent as well, its equity value at the snapshot falls to about 564 billion, 5.7 per cent above the DCF, within the tolerance.