DDM Analysis: SSE.L

Valuation Snapshot

Stable Growth	$15.09 - $21.03	$18.06
Multi-Stage	$37.29 - $41.15	$39.18
Blended Fair Value	$28.62
Current Price	$17.42
Upside	64.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.78%	-3.90%	0.37	0.83	0.43	0.46	0.72	0.55	0.63	0.54	0.61	0.64
YoY Growth	-	-	-56.19%	93.51%	-6.38%	-36.47%	32.24%	-12.60%	16.05%	-11.10%	-5.58%	18.33%
Dividend Yield	-	-	2.29%	5.11%	2.39%	2.63%	4.98%	4.20%	5.43%	4.23%	4.12%	4.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,883.00
(-) Cash Dividends Paid (M)	1,135.80
(=) Cash Retained (M)	1,747.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	576.60	360.38	216.23
Cash Retained (M)	1,747.20	1,747.20	1,747.20
(-) Cash Required (M)	-576.60	-360.38	-216.23
(=) Excess Retained (M)	1,170.60	1,386.83	1,530.98
(/) Shares Outstanding (M)	1,100.70	1,100.70	1,100.70
(=) Excess Retained per Share	1.06	1.26	1.39
LTM Dividend per Share	1.03	1.03	1.03
(+) Excess Retained per Share	1.06	1.26	1.39
(=) Adjusted Dividend	2.10	2.29	2.42
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-5.90%	-4.90%	-3.90%
Fair Value	$15.09	$18.06	$21.03
Upside / Downside	-13.39%	3.67%	20.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,883.00	2,741.76	2,607.43	2,479.69	2,358.20	2,242.67	2,309.95
Payout Ratio	39.40%	49.52%	59.64%	69.76%	79.88%	90.00%	92.50%
Projected Dividends (M)	1,135.80	1,357.64	1,555.02	1,729.80	1,883.72	2,018.40	2,136.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	-5.90%	-4.90%	-3.90%
Year 1 PV (M)	1,253.49	1,266.81	1,280.13
Year 2 PV (M)	1,325.59	1,353.91	1,382.54
Year 3 PV (M)	1,361.46	1,405.33	1,450.13
Year 4 PV (M)	1,368.87	1,427.99	1,489.01
Year 5 PV (M)	1,354.23	1,427.73	1,504.39
PV of Terminal Value (M)	34,380.77	36,246.82	38,193.02
Equity Value (M)	41,044.41	43,128.60	45,299.22
Shares Outstanding (M)	1,100.70	1,100.70	1,100.70
Fair Value	$37.29	$39.18	$41.15
Upside / Downside	114.06%	124.93%	136.25%

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SSE plc (SSE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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