Definitive Analysis
Definitive Analysis

Financial Statements

Company Industry Sector

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Margins Returns Growth Rates Metrics/Ratios

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Projections DCF DDM EPV Multiples Valuations

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Industry

Sector

CMS Energy Corporation (CMS)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$147.46 - $690.88$327.62
Multi-Stage$93.68 - $102.47$97.99
Blended Fair Value$212.81
Current Price$73.26
Upside190.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.50%7.81%2.091.931.821.701.561.461.361.261.161.08
YoY Growth--8.12%6.04%7.27%8.99%7.11%7.13%7.96%8.65%7.76%9.15%
Dividend Yield--2.78%3.22%2.97%2.43%2.55%2.48%2.47%2.78%2.59%2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,047.00
(-) Cash Dividends Paid (M)652.00
(=) Cash Retained (M)395.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)209.40130.8878.53
Cash Retained (M)395.00395.00395.00
(-) Cash Required (M)-209.40-130.88-78.53
(=) Excess Retained (M)185.60264.13316.48
(/) Shares Outstanding (M)299.35299.35299.35
(=) Excess Retained per Share0.620.881.06
LTM Dividend per Share2.182.182.18
(+) Excess Retained per Share0.620.881.06
(=) Adjusted Dividend2.803.063.24
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate4.77%5.77%6.77%
Fair Value$147.46$327.62$690.88
Upside / Downside101.29%347.20%843.06%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,047.001,107.441,171.371,238.981,310.511,386.161,427.74
Payout Ratio62.27%67.82%73.36%78.91%84.45%90.00%92.50%
Projected Dividends (M)652.00751.05859.36977.671,106.781,247.541,320.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.76%6.76%6.76%
Growth Rate4.77%5.77%6.77%
Year 1 PV (M)696.84703.49710.14
Year 2 PV (M)739.78753.97768.29
Year 3 PV (M)780.88803.45826.46
Year 4 PV (M)820.19851.96884.64
Year 5 PV (M)857.77899.50942.83
PV of Terminal Value (M)24,146.1925,320.7126,540.50
Equity Value (M)28,041.6529,333.0730,672.85
Shares Outstanding (M)299.35299.35299.35
Fair Value$93.68$97.99$102.47
Upside / Downside27.87%33.76%39.87%

High-Yield Dividend Screener

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