DDM Analysis: DTE

Valuation Snapshot

Stable Growth	$55.66 - $93.32	$72.19
Multi-Stage	$96.42 - $105.65	$100.95
Blended Fair Value	$86.57
Current Price	$141.43
Upside	-38.79%
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	2.32%	5.14%	3.75	3.63	3.31	3.82	3.67	3.34	2.99	2.86	2.56	2.42
YoY Growth	-	-	3.19%	9.78%	-13.40%	4.08%	9.83%	11.61%	4.73%	11.49%	5.99%	6.60%
Dividend Yield	-	-	2.71%	3.28%	3.02%	2.89%	3.24%	4.14%	2.84%	3.22%	2.95%	3.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	968.01
(-) Cash Dividends Paid (M)	844.00
(=) Cash Retained (M)	124.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	193.60	121.00	72.60
Cash Retained (M)	124.01	124.01	124.01
(-) Cash Required (M)	-193.60	-121.00	-72.60
(=) Excess Retained (M)	-69.59	3.01	51.41
(/) Shares Outstanding (M)	207.04	207.04	207.04
(=) Excess Retained per Share	-0.34	0.01	0.25
LTM Dividend per Share	4.08	4.08	4.08
(+) Excess Retained per Share	-0.34	0.01	0.25
(=) Adjusted Dividend	3.74	4.09	4.32
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	0.32%	1.32%	2.32%
Fair Value	$55.66	$72.19	$93.32
Upside / Downside	-60.65%	-48.96%	-34.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	968.01	980.77	993.69	1,006.79	1,020.05	1,033.49	1,064.50
Payout Ratio	87.19%	87.75%	88.31%	88.88%	89.44%	90.00%	92.50%
Projected Dividends (M)	844.00	860.64	877.56	894.79	912.31	930.15	984.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	0.32%	1.32%	2.32%
Year 1 PV (M)	795.95	803.89	811.82
Year 2 PV (M)	750.61	765.65	780.83
Year 3 PV (M)	707.82	729.20	751.00
Year 4 PV (M)	667.44	694.45	722.28
Year 5 PV (M)	629.34	661.34	694.63
PV of Terminal Value (M)	16,411.78	17,246.24	18,114.30
Equity Value (M)	19,962.94	20,900.76	21,874.87
Shares Outstanding (M)	207.04	207.04	207.04
Fair Value	$96.42	$100.95	$105.65
Upside / Downside	-31.83%	-28.62%	-25.30%

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DTE Energy Company (DTE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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