DDM Analysis: ERH

Valuation Snapshot

Stable Growth	$32.83 - $49.47	$40.69
Multi-Stage	$65.20 - $71.75	$68.41
Blended Fair Value	$54.55
Current Price	$12.02
Upside	353.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.80	0.92	0.91	0.87	0.96	0.91	0.92	0.91	0.92
YoY Growth	-	-	-100.00%	-12.75%	0.29%	4.66%	-8.70%	4.66%	-1.01%	1.09%	-0.22%	-0.53%
Dividend Yield	-	-	0.00%	7.44%	9.48%	7.41%	5.94%	7.48%	7.01%	7.30%	6.85%	7.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.67
(-) Cash Dividends Paid (M)	10.77
(=) Cash Retained (M)	23.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.93	4.33	2.60
Cash Retained (M)	23.90	23.90	23.90
(-) Cash Required (M)	-6.93	-4.33	-2.60
(=) Excess Retained (M)	16.96	19.56	21.30
(/) Shares Outstanding (M)	8.98	8.98	8.98
(=) Excess Retained per Share	1.89	2.18	2.37
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	1.89	2.18	2.37
(=) Adjusted Dividend	3.09	3.38	3.57
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$32.83	$40.69	$49.47
Upside / Downside	173.14%	238.53%	311.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.67	34.32	33.98	33.64	33.30	32.97	33.96
Payout Ratio	31.06%	42.85%	54.64%	66.43%	78.21%	90.00%	92.50%
Projected Dividends (M)	10.77	14.71	18.57	22.34	26.05	29.67	31.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	13.58	13.72	13.86
Year 2 PV (M)	15.83	16.15	16.48
Year 3 PV (M)	17.59	18.13	18.68
Year 4 PV (M)	18.93	19.71	20.52
Year 5 PV (M)	19.91	20.94	22.02
PV of Terminal Value (M)	499.82	525.84	552.94
Equity Value (M)	585.64	614.49	644.50
Shares Outstanding (M)	8.98	8.98	8.98
Fair Value	$65.20	$68.41	$71.75
Upside / Downside	442.42%	469.14%	496.94%

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Allspring Utilities and High Income Fund (ERH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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