DDM Analysis: EQT

Valuation Snapshot

Stable Growth	$74.13 - $218.90	$117.01
Multi-Stage	$49.14 - $53.71	$51.38
Blended Fair Value	$84.20
Current Price	$54.43
Upside	54.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	60.51%	33.47%	0.54	0.37	0.33	0.00	0.01	0.05	0.05	0.03	0.03	0.03
YoY Growth	-	-	43.02%	12.13%	0.00%	-100.00%	-75.00%	-2.29%	50.65%	3.33%	10.08%	0.57%
Dividend Yield	-	-	1.00%	1.01%	1.05%	0.00%	0.07%	0.71%	0.25%	0.13%	0.10%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,780.54
(-) Cash Dividends Paid (M)	380.64
(=) Cash Retained (M)	1,399.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	356.11	222.57	133.54
Cash Retained (M)	1,399.90	1,399.90	1,399.90
(-) Cash Required (M)	-356.11	-222.57	-133.54
(=) Excess Retained (M)	1,043.79	1,177.34	1,266.36
(/) Shares Outstanding (M)	609.15	609.15	609.15
(=) Excess Retained per Share	1.71	1.93	2.08
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	1.71	1.93	2.08
(=) Adjusted Dividend	2.34	2.56	2.70
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$74.13	$117.01	$218.90
Upside / Downside	36.20%	114.98%	302.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,780.54	1,896.28	2,019.54	2,150.81	2,290.61	2,439.50	2,512.68
Payout Ratio	21.38%	35.10%	48.83%	62.55%	76.28%	90.00%	92.50%
Projected Dividends (M)	380.64	665.64	986.07	1,345.35	1,747.17	2,195.55	2,324.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	605.90	611.64	617.38
Year 2 PV (M)	817.02	832.59	848.29
Year 3 PV (M)	1,014.67	1,043.80	1,073.48
Year 4 PV (M)	1,199.47	1,245.59	1,293.04
Year 5 PV (M)	1,372.01	1,438.28	1,507.08
PV of Terminal Value (M)	24,922.30	26,126.06	27,375.89
Equity Value (M)	29,931.37	31,297.96	32,715.17
Shares Outstanding (M)	609.15	609.15	609.15
Fair Value	$49.14	$51.38	$53.71
Upside / Downside	-9.73%	-5.60%	-1.33%

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EQT Corporation (EQT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener