DDM Analysis: CWT

Valuation Snapshot

Stable Growth	$123.51 - $456.91	$375.65
Multi-Stage	$58.21 - $63.63	$60.87
Blended Fair Value	$218.26
Current Price	$45.89
Upside	375.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.48%	7.74%	1.10	0.99	0.91	0.80	0.70	0.64	0.61	0.58	0.56	0.54
YoY Growth	-	-	10.88%	8.95%	14.32%	13.48%	9.85%	5.49%	4.28%	4.48%	3.17%	3.23%
Dividend Yield	-	-	2.28%	2.14%	1.57%	1.35%	1.25%	1.27%	1.15%	1.56%	1.55%	2.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.39
(-) Cash Dividends Paid (M)	72.63
(=) Cash Retained (M)	63.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.28	17.05	10.23
Cash Retained (M)	63.76	63.76	63.76
(-) Cash Required (M)	-27.28	-17.05	-10.23
(=) Excess Retained (M)	36.48	46.71	53.53
(/) Shares Outstanding (M)	59.36	59.36	59.36
(=) Excess Retained per Share	0.61	0.79	0.90
LTM Dividend per Share	1.22	1.22	1.22
(+) Excess Retained per Share	0.61	0.79	0.90
(=) Adjusted Dividend	1.84	2.01	2.13
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$123.51	$375.65	$456.91
Upside / Downside	169.15%	718.58%	895.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.39	145.25	154.69	164.75	175.46	186.86	192.47
Payout Ratio	53.25%	60.60%	67.95%	75.30%	82.65%	90.00%	92.50%
Projected Dividends (M)	72.63	88.02	105.12	124.06	145.02	168.18	178.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.44	82.21	82.98
Year 2 PV (M)	89.98	91.69	93.42
Year 3 PV (M)	98.25	101.07	103.94
Year 4 PV (M)	106.26	110.34	114.55
Year 5 PV (M)	114.01	119.52	125.23
PV of Terminal Value (M)	2,965.46	3,108.69	3,257.40
Equity Value (M)	3,455.39	3,613.52	3,777.53
Shares Outstanding (M)	59.36	59.36	59.36
Fair Value	$58.21	$60.87	$63.63
Upside / Downside	26.84%	32.64%	38.67%

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California Water Service Group (CWT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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