DDM Analysis: EE

Valuation Snapshot

Stable Growth	$30.85 - $50.39	$39.58
Multi-Stage	$39.60 - $43.46	$41.50
Blended Fair Value	$40.54
Current Price	$25.19
Upside	60.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	108.96%	0.00%	0.90	0.09	0.19	0.00	0.26	0.02	0.00	0.00	0.00	0.00
YoY Growth	-	-	886.21%	-51.50%	0.00%	-100.00%	1,067.69%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.14%	0.58%	0.85%	0.00%	0.98%	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)	78.57
(-) Cash Dividends Paid (M)	7.24
(=) Cash Retained (M)	71.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.71	9.82	5.89
Cash Retained (M)	71.33	71.33	71.33
(-) Cash Required (M)	-15.71	-9.82	-5.89
(=) Excess Retained (M)	55.61	61.51	65.44
(/) Shares Outstanding (M)	28.72	28.72	28.72
(=) Excess Retained per Share	1.94	2.14	2.28
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	1.94	2.14	2.28
(=) Adjusted Dividend	2.19	2.39	2.53
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	1.35%	2.35%	3.35%
Fair Value	$30.85	$39.58	$50.39
Upside / Downside	22.46%	57.12%	100.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.57	80.41	82.30	84.24	86.22	88.24	90.89
Payout Ratio	9.21%	25.37%	41.53%	57.69%	73.84%	90.00%	92.50%
Projected Dividends (M)	7.24	20.40	34.18	48.59	63.67	79.42	84.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.54%	8.54%	8.54%
Growth Rate	1.35%	2.35%	3.35%
Year 1 PV (M)	18.61	18.80	18.98
Year 2 PV (M)	28.45	29.01	29.58
Year 3 PV (M)	36.90	38.00	39.13
Year 4 PV (M)	44.11	45.87	47.69
Year 5 PV (M)	50.20	52.72	55.35
PV of Terminal Value (M)	959.15	1,007.41	1,057.60
Equity Value (M)	1,137.41	1,191.82	1,248.33
Shares Outstanding (M)	28.72	28.72	28.72
Fair Value	$39.60	$41.50	$43.46
Upside / Downside	57.21%	64.73%	72.54%

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Excelerate Energy, Inc. (EE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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