DDM Analysis: NWMD.TA

Valuation Snapshot

Stable Growth	$14.30 - $75.50	$28.51
Multi-Stage	$8.22 - $8.98	$8.59
Blended Fair Value	$18.55
Current Price	$5.26
Upside	252.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.13%	9.59%	0.21	0.22	0.17	0.20	0.08	0.16	0.05	0.67	0.04	0.09
YoY Growth	-	-	-3.95%	30.69%	-15.72%	138.70%	-46.68%	202.97%	-92.14%	1,456.91%	-49.91%	-0.01%
Dividend Yield	-	-	6.37%	8.78%	5.82%	6.86%	5.86%	18.94%	1.69%	21.61%	1.18%	2.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	445.60
(-) Cash Dividends Paid (M)	245.40
(=) Cash Retained (M)	200.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.12	55.70	33.42
Cash Retained (M)	200.20	200.20	200.20
(-) Cash Required (M)	-89.12	-55.70	-33.42
(=) Excess Retained (M)	111.08	144.50	166.78
(/) Shares Outstanding (M)	1,173.82	1,173.82	1,173.82
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.30	$28.51	$75.50
Upside / Downside	171.82%	441.99%	1,335.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	445.60	474.56	505.41	538.26	573.25	610.51	628.83
Payout Ratio	55.07%	62.06%	69.04%	76.03%	83.01%	90.00%	92.50%
Projected Dividends (M)	245.40	294.50	348.95	409.23	475.88	549.46	581.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.78	273.34	275.91
Year 2 PV (M)	294.99	300.61	306.28
Year 3 PV (M)	318.08	327.21	336.52
Year 4 PV (M)	340.08	353.16	366.62
Year 5 PV (M)	361.03	378.47	396.58
PV of Terminal Value (M)	8,061.70	8,451.08	8,855.37
Equity Value (M)	9,646.67	10,083.88	10,537.27
Shares Outstanding (M)	1,173.82	1,173.82	1,173.82
Fair Value	$8.22	$8.59	$8.98
Upside / Downside	56.24%	63.32%	70.66%

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NewMed Energy - Limited Partnership (NWMD.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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