DDM Analysis: 0HE2.L

Valuation Snapshot

Stable Growth	$200.96 - $1,023.75	$412.96
Multi-Stage	$150.31 - $164.60	$157.32
Blended Fair Value	$285.14
Current Price	$104.38
Upside	173.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.63%	6.23%	2.64	2.44	2.25	2.09	1.82	1.74	1.66	1.59	1.54	1.48
YoY Growth	-	-	7.85%	8.52%	7.96%	14.37%	4.66%	4.66%	4.64%	3.61%	3.48%	3.08%
Dividend Yield	-	-	2.63%	3.34%	2.61%	2.22%	2.24%	2.39%	2.29%	2.81%	2.81%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,411.00
(-) Cash Dividends Paid (M)	755.00
(=) Cash Retained (M)	656.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	282.20	176.38	105.83
Cash Retained (M)	656.00	656.00	656.00
(-) Cash Required (M)	-282.20	-176.38	-105.83
(=) Excess Retained (M)	373.80	479.63	550.18
(/) Shares Outstanding (M)	270.88	270.88	270.88
(=) Excess Retained per Share	1.38	1.77	2.03
LTM Dividend per Share	2.79	2.79	2.79
(+) Excess Retained per Share	1.38	1.77	2.03
(=) Adjusted Dividend	4.17	4.56	4.82
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	4.23%	5.23%	6.23%
Fair Value	$200.96	$412.96	$1,023.75
Upside / Downside	92.52%	295.63%	880.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,411.00	1,484.85	1,562.57	1,644.35	1,730.42	1,820.99	1,875.62
Payout Ratio	53.51%	60.81%	68.10%	75.40%	82.70%	90.00%	92.50%
Projected Dividends (M)	755.00	902.89	1,064.18	1,239.89	1,431.08	1,638.89	1,734.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	4.23%	5.23%	6.23%
Year 1 PV (M)	840.55	848.61	856.68
Year 2 PV (M)	922.31	940.09	958.04
Year 3 PV (M)	1,000.40	1,029.47	1,059.10
Year 4 PV (M)	1,074.94	1,116.79	1,159.85
Year 5 PV (M)	1,146.04	1,202.08	1,260.29
PV of Terminal Value (M)	35,730.49	37,477.65	39,292.50
Equity Value (M)	40,714.74	42,614.71	44,586.47
Shares Outstanding (M)	270.88	270.88	270.88
Fair Value	$150.31	$157.32	$164.60
Upside / Downside	44.00%	50.72%	57.69%

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Financial Statements

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Ameren Corporation (0HE2.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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