DDM Analysis: FTS

Valuation Snapshot

Stable Growth	$354.65 - $654.89	$613.73
Multi-Stage	$103.78 - $113.58	$108.59
Blended Fair Value	$361.16
Current Price	$70.63
Upside	411.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.32%	14.39%	1.49	1.40	1.34	1.21	1.57	0.76	0.92	0.84	0.63	0.46
YoY Growth	-	-	6.13%	4.16%	10.69%	-22.65%	106.33%	-17.00%	9.55%	32.59%	36.21%	19.59%
Dividend Yield	-	-	2.27%	2.63%	2.34%	1.96%	2.88%	1.40%	1.86%	1.92%	1.43%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,648.46
(-) Cash Dividends Paid (M)	776.00
(=) Cash Retained (M)	872.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	329.69	206.06	123.63
Cash Retained (M)	872.46	872.46	872.46
(-) Cash Required (M)	-329.69	-206.06	-123.63
(=) Excess Retained (M)	542.77	666.40	748.82
(/) Shares Outstanding (M)	500.60	500.60	500.60
(=) Excess Retained per Share	1.08	1.33	1.50
LTM Dividend per Share	1.55	1.55	1.55
(+) Excess Retained per Share	1.08	1.33	1.50
(=) Adjusted Dividend	2.63	2.88	3.05
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$354.65	$613.73	$654.89
Upside / Downside	402.12%	768.93%	827.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,648.46	1,755.61	1,869.72	1,991.25	2,120.69	2,258.53	2,326.29
Payout Ratio	47.07%	55.66%	64.24%	72.83%	81.41%	90.00%	92.50%
Projected Dividends (M)	776.00	977.16	1,201.20	1,450.22	1,726.55	2,032.68	2,151.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	910.76	919.39	928.02
Year 2 PV (M)	1,043.48	1,063.36	1,083.42
Year 3 PV (M)	1,174.21	1,207.91	1,242.26
Year 4 PV (M)	1,302.94	1,353.05	1,404.59
Year 5 PV (M)	1,429.72	1,498.77	1,570.47
PV of Terminal Value (M)	46,092.12	48,318.39	50,629.86
Equity Value (M)	51,953.23	54,360.88	56,858.63
Shares Outstanding (M)	500.60	500.60	500.60
Fair Value	$103.78	$108.59	$113.58
Upside / Downside	46.94%	53.75%	60.81%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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