Definitive Analysis
Definitive Analysis

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DTE Energy Company JR SUB DB 2017 E (DTW)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$58.56 - $100.40$76.65
Multi-Stage$105.05 - $115.18$110.02
Blended Fair Value$93.33
Current Price$141.43
Upside-34.01%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.32%5.14%3.753.633.313.823.673.342.992.862.562.42
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)193.60121.0072.60
Cash Retained (M)124.01124.01124.01
(-) Cash Required (M)-193.60-121.00-72.60
(=) Excess Retained (M)-69.593.0151.41
(/) Shares Outstanding (M)207.04207.04207.04
(=) Excess Retained per Share-0.340.010.25
LTM Dividend per Share4.084.084.08
(+) Excess Retained per Share-0.340.010.25
(=) Adjusted Dividend3.744.094.32
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate0.32%1.32%2.32%
Fair Value$58.56$76.65$100.40
Upside / Downside-58.59%-45.80%-29.01%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)968.01980.77993.691,006.791,020.051,033.491,064.50
Payout Ratio87.19%87.75%88.31%88.88%89.44%90.00%92.50%
Projected Dividends (M)844.00860.64877.56894.79912.31930.15984.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.73%6.73%6.73%
Growth Rate0.32%1.32%2.32%
Year 1 PV (M)798.44806.40814.36
Year 2 PV (M)755.32770.45785.73
Year 3 PV (M)714.49736.07758.08
Year 4 PV (M)675.84703.20731.37
Year 5 PV (M)639.26671.76705.58
PV of Terminal Value (M)18,166.4919,090.1720,051.05
Equity Value (M)21,749.8522,778.0623,846.18
Shares Outstanding (M)207.04207.04207.04
Fair Value$105.05$110.02$115.18
Upside / Downside-25.72%-22.21%-18.56%

High-Yield Dividend Screener

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