DDM Analysis: CEG

Valuation Snapshot

Stable Growth	$80.42 - $122.84	$100.27
Multi-Stage	$99.99 - $109.58	$104.70
Blended Fair Value	$102.48
Current Price	$329.07
Upside	-68.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.16%	-3.67%	1.41	1.17	0.59	5.83	5.52	2.86	3.19	2.10	2.94	7.88
YoY Growth	-	-	21.31%	97.84%	-89.90%	5.65%	92.88%	-10.19%	51.90%	-28.52%	-62.73%	283.57%
Dividend Yield	-	-	0.70%	0.63%	0.75%	10.37%	13.15%	6.82%	7.59%	5.00%	6.99%	18.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,739.00
(-) Cash Dividends Paid (M)	476.00
(=) Cash Retained (M)	2,263.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	547.80	342.38	205.43
Cash Retained (M)	2,263.00	2,263.00	2,263.00
(-) Cash Required (M)	-547.80	-342.38	-205.43
(=) Excess Retained (M)	1,715.20	1,920.63	2,057.58
(/) Shares Outstanding (M)	314.00	314.00	314.00
(=) Excess Retained per Share	5.46	6.12	6.55
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	5.46	6.12	6.55
(=) Adjusted Dividend	6.98	7.63	8.07
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	1.08%	2.08%	3.08%
Fair Value	$80.42	$100.27	$122.84
Upside / Downside	-75.56%	-69.53%	-62.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,739.00	2,796.10	2,854.40	2,913.91	2,974.66	3,036.68	3,127.78
Payout Ratio	17.38%	31.90%	46.43%	60.95%	75.48%	90.00%	92.50%
Projected Dividends (M)	476.00	892.04	1,325.22	1,776.07	2,245.15	2,733.01	2,893.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	1.08%	2.08%	3.08%
Year 1 PV (M)	804.05	812.01	819.96
Year 2 PV (M)	1,076.69	1,098.10	1,119.71
Year 3 PV (M)	1,300.66	1,339.65	1,379.40
Year 4 PV (M)	1,482.01	1,541.53	1,602.82
Year 5 PV (M)	1,626.10	1,708.14	1,793.46
PV of Terminal Value (M)	25,108.59	26,375.37	27,692.76
Equity Value (M)	31,398.11	32,874.79	34,408.12
Shares Outstanding (M)	314.00	314.00	314.00
Fair Value	$99.99	$104.70	$109.58
Upside / Downside	-69.61%	-68.18%	-66.70%

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Constellation Energy Corporation (CEG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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