DDM Analysis: CMS-PB

Valuation Snapshot

Stable Growth	$237.08 - $690.88	$647.42
Multi-Stage	$117.73 - $128.90	$123.21
Blended Fair Value	$385.32
Current Price	$73.26
Upside	425.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.50%	7.81%	2.09	1.93	1.82	1.70	1.56	1.46	1.36	1.26	1.16	1.08
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.40	130.88	78.53
Cash Retained (M)	395.00	395.00	395.00
(-) Cash Required (M)	-209.40	-130.88	-78.53
(=) Excess Retained (M)	185.60	264.13	316.48
(/) Shares Outstanding (M)	299.35	299.35	299.35
(=) Excess Retained per Share	0.62	0.88	1.06
LTM Dividend per Share	2.18	2.18	2.18
(+) Excess Retained per Share	0.62	0.88	1.06
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	4.77%	5.77%	6.77%
Fair Value	$237.08	$647.42	$690.88
Upside / Downside	223.61%	783.72%	843.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,047.00	1,107.44	1,171.37	1,238.98	1,310.51	1,386.16	1,427.74
Payout Ratio	62.27%	67.82%	73.36%	78.91%	84.45%	90.00%	92.50%
Projected Dividends (M)	652.00	751.05	859.36	977.67	1,106.78	1,247.54	1,320.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	4.77%	5.77%	6.77%
Year 1 PV (M)	701.78	708.48	715.17
Year 2 PV (M)	750.30	764.70	779.22
Year 3 PV (M)	797.60	820.66	844.16
Year 4 PV (M)	843.70	876.37	909.99
Year 5 PV (M)	888.61	931.83	976.72
PV of Terminal Value (M)	31,261.18	32,781.79	34,361.00
Equity Value (M)	35,243.17	36,883.83	38,586.27
Shares Outstanding (M)	299.35	299.35	299.35
Fair Value	$117.73	$123.21	$128.90
Upside / Downside	60.71%	68.19%	75.95%

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Financial Statements

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Sector

Consumers Energy Company (CMS-PB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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