Definitive Analysis
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Definitive Analysis

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Company Industry Sector

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Company

Ticker

Industry

Sector

DT Midstream, Inc. (DTM)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$29.12 - $42.31$35.51
Multi-Stage$52.29 - $57.27$54.73
Blended Fair Value$45.12
Current Price$113.06
Upside-60.09%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%2.742.582.395.480.000.000.000.000.000.00
YoY Growth--6.46%7.79%-56.35%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.84%4.21%4.84%10.09%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)403.00
(-) Cash Dividends Paid (M)312.00
(=) Cash Retained (M)91.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)80.6050.3830.23
Cash Retained (M)91.0091.0091.00
(-) Cash Required (M)-80.60-50.38-30.23
(=) Excess Retained (M)10.4040.6360.78
(/) Shares Outstanding (M)102.07102.07102.07
(=) Excess Retained per Share0.100.400.60
LTM Dividend per Share3.063.063.06
(+) Excess Retained per Share0.100.400.60
(=) Adjusted Dividend3.163.453.65
WACC / Discount Rate8.63%8.63%8.63%
Growth Rate-2.00%-1.00%0.00%
Fair Value$29.12$35.51$42.31
Upside / Downside-74.25%-68.59%-62.57%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)403.00398.97394.98391.03387.12383.25394.75
Payout Ratio77.42%79.94%82.45%84.97%87.48%90.00%92.50%
Projected Dividends (M)312.00318.92325.67332.25338.67344.92365.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.63%8.63%8.63%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)290.61293.58296.55
Year 2 PV (M)270.43275.97281.58
Year 3 PV (M)251.41259.18267.12
Year 4 PV (M)233.52243.20253.17
Year 5 PV (M)216.73228.01239.76
PV of Terminal Value (M)4,074.434,286.594,507.50
Equity Value (M)5,337.125,586.535,845.68
Shares Outstanding (M)102.07102.07102.07
Fair Value$52.29$54.73$57.27
Upside / Downside-53.75%-51.59%-49.34%

High-Yield Dividend Screener

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