DDM Analysis: ES

Valuation Snapshot

Stable Growth	$178.18 - $724.26	$468.06
Multi-Stage	$90.62 - $98.95	$94.71
Blended Fair Value	$281.39
Current Price	$71.14
Upside	295.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.59%	7.74%	2.71	2.49	2.33	2.18	2.02	1.80	1.74	1.63	1.53	1.44
YoY Growth	-	-	8.98%	6.86%	6.78%	8.16%	12.28%	3.61%	6.32%	6.66%	6.55%	11.48%
Dividend Yield	-	-	4.37%	4.23%	2.98%	2.48%	2.33%	2.30%	2.45%	2.77%	2.60%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,343.59
(-) Cash Dividends Paid (M)	1,072.70
(=) Cash Retained (M)	270.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	268.72	167.95	100.77
Cash Retained (M)	270.89	270.89	270.89
(-) Cash Required (M)	-268.72	-167.95	-100.77
(=) Excess Retained (M)	2.17	102.94	170.12
(/) Shares Outstanding (M)	368.94	368.94	368.94
(=) Excess Retained per Share	0.01	0.28	0.46
LTM Dividend per Share	2.91	2.91	2.91
(+) Excess Retained per Share	0.01	0.28	0.46
(=) Adjusted Dividend	2.91	3.19	3.37
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$178.18	$468.06	$724.26
Upside / Downside	150.46%	557.94%	918.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,343.59	1,430.92	1,523.93	1,622.98	1,728.48	1,840.83	1,896.05
Payout Ratio	79.84%	81.87%	83.90%	85.94%	87.97%	90.00%	92.50%
Projected Dividends (M)	1,072.70	1,171.50	1,278.62	1,394.72	1,520.50	1,656.75	1,753.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.23%	7.23%	7.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,082.31	1,092.56	1,102.82
Year 2 PV (M)	1,091.33	1,112.11	1,133.10
Year 3 PV (M)	1,099.78	1,131.35	1,163.52
Year 4 PV (M)	1,107.68	1,150.27	1,194.09
Year 5 PV (M)	1,115.04	1,168.89	1,224.81
PV of Terminal Value (M)	27,937.82	29,287.23	30,688.28
Equity Value (M)	33,433.94	34,942.42	36,506.62
Shares Outstanding (M)	368.94	368.94	368.94
Fair Value	$90.62	$94.71	$98.95
Upside / Downside	27.39%	33.13%	39.09%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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Sector

Eversource Energy (ES)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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