DDM Analysis: EXC

Valuation Snapshot

Stable Growth	$13.41 - $18.23	$15.87
Multi-Stage	$38.38 - $42.42	$40.36
Blended Fair Value	$28.11
Current Price	$45.01
Upside	-37.54%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.23%	-3.12%	0.77	1.42	1.32	1.49	1.48	1.40	1.32	1.23	1.16	1.10
YoY Growth	-	-	-45.85%	7.42%	-10.89%	0.34%	5.97%	5.71%	7.77%	6.00%	5.52%	3.76%
Dividend Yield	-	-	1.67%	3.82%	3.16%	3.12%	4.75%	5.32%	3.72%	4.41%	4.51%	4.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,821.00
(-) Cash Dividends Paid (M)	1,594.00
(=) Cash Retained (M)	1,227.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	564.20	352.63	211.58
Cash Retained (M)	1,227.00	1,227.00	1,227.00
(-) Cash Required (M)	-564.20	-352.63	-211.58
(=) Excess Retained (M)	662.80	874.38	1,015.43
(/) Shares Outstanding (M)	1,007.39	1,007.39	1,007.39
(=) Excess Retained per Share	0.66	0.87	1.01
LTM Dividend per Share	1.58	1.58	1.58
(+) Excess Retained per Share	0.66	0.87	1.01
(=) Adjusted Dividend	2.24	2.45	2.59
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	-8.40%	-7.40%	-6.40%
Fair Value	$13.41	$15.87	$18.23
Upside / Downside	-70.20%	-64.74%	-59.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,821.00	2,612.16	2,418.78	2,239.71	2,073.91	1,920.37	1,977.98
Payout Ratio	56.50%	63.20%	69.90%	76.60%	83.30%	90.00%	92.50%
Projected Dividends (M)	1,594.00	1,650.98	1,690.80	1,715.66	1,727.58	1,728.33	1,829.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.89%	6.89%	6.89%
Growth Rate	-8.40%	-7.40%	-6.40%
Year 1 PV (M)	1,527.82	1,544.50	1,561.18
Year 2 PV (M)	1,447.94	1,479.73	1,511.86
Year 3 PV (M)	1,359.64	1,404.66	1,450.66
Year 4 PV (M)	1,266.95	1,323.19	1,381.28
Year 5 PV (M)	1,172.95	1,238.39	1,306.72
PV of Terminal Value (M)	31,885.85	33,664.83	35,522.33
Equity Value (M)	38,661.15	40,655.30	42,734.04
Shares Outstanding (M)	1,007.39	1,007.39	1,007.39
Fair Value	$38.38	$40.36	$42.42
Upside / Downside	-14.74%	-10.34%	-5.75%

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Exelon Corporation (EXC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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