Definitive Analysis
Definitive Analysis

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DT Midstream, Inc. (DTM)

Company Dividend Discount ModelIndustry: Oil & Gas MidstreamSector: Energy

Valuation Snapshot

Stable Growth$30.28 - $44.41$37.08
Multi-Stage$56.35 - $61.76$59.00
Blended Fair Value$48.04
Current Price$113.06
Upside-57.51%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS0.00%0.00%2.742.582.395.480.000.000.000.000.000.00
YoY Growth--6.46%7.79%-56.35%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.84%4.21%4.84%10.09%0.00%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)403.00
(-) Cash Dividends Paid (M)312.00
(=) Cash Retained (M)91.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)80.6050.3830.23
Cash Retained (M)91.0091.0091.00
(-) Cash Required (M)-80.60-50.38-30.23
(=) Excess Retained (M)10.4040.6360.78
(/) Shares Outstanding (M)102.07102.07102.07
(=) Excess Retained per Share0.100.400.60
LTM Dividend per Share3.063.063.06
(+) Excess Retained per Share0.100.400.60
(=) Adjusted Dividend3.163.453.65
WACC / Discount Rate8.22%8.22%8.22%
Growth Rate-2.00%-1.00%0.00%
Fair Value$30.28$37.08$44.41
Upside / Downside-73.22%-67.20%-60.72%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)403.00398.97394.98391.03387.12383.25394.75
Payout Ratio77.42%79.94%82.45%84.97%87.48%90.00%92.50%
Projected Dividends (M)312.00318.92325.67332.25338.67344.92365.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.22%8.22%8.22%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)291.71294.68297.66
Year 2 PV (M)272.46278.05283.70
Year 3 PV (M)254.25262.12270.14
Year 4 PV (M)237.05246.88257.00
Year 5 PV (M)220.83232.33244.31
PV of Terminal Value (M)4,475.184,708.214,950.85
Equity Value (M)5,751.496,022.286,303.67
Shares Outstanding (M)102.07102.07102.07
Fair Value$56.35$59.00$61.76
Upside / Downside-50.16%-47.81%-45.38%

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