DDM Analysis: FE

Valuation Snapshot

Stable Growth	$37.76 - $74.45	$52.20
Multi-Stage	$51.09 - $55.94	$53.47
Blended Fair Value	$52.83
Current Price	$45.82
Upside	15.31%
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	3.57%	4.85%	1.68	1.57	1.54	1.47	1.46	1.41	1.23	1.11	1.06	1.05
YoY Growth	-	-	7.06%	1.68%	4.95%	0.47%	3.81%	14.49%	11.27%	4.58%	0.66%	0.50%
Dividend Yield	-	-	4.15%	4.08%	3.85%	3.20%	4.21%	3.51%	2.97%	3.25%	3.32%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,330.00
(-) Cash Dividends Paid (M)	1,004.00
(=) Cash Retained (M)	326.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.00	166.25	99.75
Cash Retained (M)	326.00	326.00	326.00
(-) Cash Required (M)	-266.00	-166.25	-99.75
(=) Excess Retained (M)	60.00	159.75	226.25
(/) Shares Outstanding (M)	578.15	578.15	578.15
(=) Excess Retained per Share	0.10	0.28	0.39
LTM Dividend per Share	1.74	1.74	1.74
(+) Excess Retained per Share	0.10	0.28	0.39
(=) Adjusted Dividend	1.84	2.01	2.13
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	2.07%	3.07%	4.07%
Fair Value	$37.76	$52.20	$74.45
Upside / Downside	-17.59%	13.92%	62.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,330.00	1,370.85	1,412.96	1,456.36	1,501.09	1,547.20	1,593.61
Payout Ratio	75.49%	78.39%	81.29%	84.20%	87.10%	90.00%	92.50%
Projected Dividends (M)	1,004.00	1,074.62	1,148.64	1,226.19	1,307.42	1,392.48	1,474.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.05%	7.05%	7.05%
Growth Rate	2.07%	3.07%	4.07%
Year 1 PV (M)	994.15	1,003.89	1,013.63
Year 2 PV (M)	983.04	1,002.40	1,021.95
Year 3 PV (M)	970.83	999.64	1,029.02
Year 4 PV (M)	957.62	995.70	1,034.91
Year 5 PV (M)	943.54	990.68	1,039.68
PV of Terminal Value (M)	24,686.50	25,919.70	27,201.70
Equity Value (M)	29,535.68	30,912.01	32,340.88
Shares Outstanding (M)	578.15	578.15	578.15
Fair Value	$51.09	$53.47	$55.94
Upside / Downside	11.49%	16.69%	22.08%

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FirstEnergy Corp. (FE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener