DDM Analysis: FE

Valuation Snapshot

Stable Growth	$38.11 - $75.61	$52.81
Multi-Stage	$51.68 - $56.59	$54.09
Blended Fair Value	$53.45
Current Price	$45.82
Upside	16.64%
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	3.57%	4.85%	1.68	1.57	1.54	1.47	1.46	1.41	1.23	1.11	1.06	1.05
YoY Growth	-	-	7.06%	1.68%	4.95%	0.47%	3.81%	14.49%	11.27%	4.58%	0.66%	0.50%
Dividend Yield	-	-	4.15%	4.08%	3.85%	3.20%	4.21%	3.51%	2.97%	3.25%	3.32%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,330.00
(-) Cash Dividends Paid (M)	1,004.00
(=) Cash Retained (M)	326.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	266.00	166.25	99.75
Cash Retained (M)	326.00	326.00	326.00
(-) Cash Required (M)	-266.00	-166.25	-99.75
(=) Excess Retained (M)	60.00	159.75	226.25
(/) Shares Outstanding (M)	578.15	578.15	578.15
(=) Excess Retained per Share	0.10	0.28	0.39
LTM Dividend per Share	1.74	1.74	1.74
(+) Excess Retained per Share	0.10	0.28	0.39
(=) Adjusted Dividend	1.84	2.01	2.13
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	2.07%	3.07%	4.07%
Fair Value	$38.11	$52.81	$75.61
Upside / Downside	-16.82%	15.25%	65.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,330.00	1,370.85	1,412.96	1,456.36	1,501.09	1,547.20	1,593.61
Payout Ratio	75.49%	78.39%	81.29%	84.20%	87.10%	90.00%	92.50%
Projected Dividends (M)	1,004.00	1,074.62	1,148.64	1,226.19	1,307.42	1,392.48	1,474.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	2.07%	3.07%	4.07%
Year 1 PV (M)	994.57	1,004.32	1,014.06
Year 2 PV (M)	983.88	1,003.26	1,022.82
Year 3 PV (M)	972.07	1,000.92	1,030.34
Year 4 PV (M)	959.26	997.40	1,036.68
Year 5 PV (M)	945.56	992.80	1,041.90
PV of Terminal Value (M)	25,021.74	26,271.69	27,571.10
Equity Value (M)	29,877.09	31,270.38	32,716.89
Shares Outstanding (M)	578.15	578.15	578.15
Fair Value	$51.68	$54.09	$56.59
Upside / Downside	12.78%	18.04%	23.50%

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FirstEnergy Corp. (FE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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