DDM Analysis: CMSA

Valuation Snapshot

Stable Growth	$247.70 - $690.88	$647.42
Multi-Stage	$119.89 - $131.28	$125.48
Blended Fair Value	$386.45
Current Price	$73.26
Upside	427.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.50%	7.81%	2.09	1.93	1.82	1.70	1.56	1.46	1.36	1.26	1.16	1.08
YoY Growth	-	-	8.12%	6.04%	7.27%	8.99%	7.11%	7.13%	7.96%	8.65%	7.76%	9.15%
Dividend Yield	-	-	2.78%	3.22%	2.97%	2.43%	2.55%	2.48%	2.47%	2.78%	2.59%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,047.00
(-) Cash Dividends Paid (M)	652.00
(=) Cash Retained (M)	395.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.40	130.88	78.53
Cash Retained (M)	395.00	395.00	395.00
(-) Cash Required (M)	-209.40	-130.88	-78.53
(=) Excess Retained (M)	185.60	264.13	316.48
(/) Shares Outstanding (M)	299.35	299.35	299.35
(=) Excess Retained per Share	0.62	0.88	1.06
LTM Dividend per Share	2.18	2.18	2.18
(+) Excess Retained per Share	0.62	0.88	1.06
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	5.96%	5.96%	5.96%
Growth Rate	4.77%	5.77%	6.77%
Fair Value	$247.70	$647.42	$690.88
Upside / Downside	238.11%	783.72%	843.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,047.00	1,107.44	1,171.37	1,238.98	1,310.51	1,386.16	1,427.74
Payout Ratio	62.27%	67.82%	73.36%	78.91%	84.45%	90.00%	92.50%
Projected Dividends (M)	652.00	751.05	859.36	977.67	1,106.78	1,247.54	1,320.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.96%	5.96%	5.96%
Growth Rate	4.77%	5.77%	6.77%
Year 1 PV (M)	702.13	708.83	715.53
Year 2 PV (M)	751.06	765.46	780.00
Year 3 PV (M)	798.80	821.89	845.43
Year 4 PV (M)	845.39	878.13	911.81
Year 5 PV (M)	890.83	934.17	979.17
PV of Terminal Value (M)	31,901.71	33,453.48	35,065.05
Equity Value (M)	35,889.92	37,561.96	39,296.99
Shares Outstanding (M)	299.35	299.35	299.35
Fair Value	$119.89	$125.48	$131.28
Upside / Downside	63.66%	71.28%	79.19%

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CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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