DDM Analysis: NEE-PN

Valuation Snapshot

Stable Growth	$92.28 - $367.57	$157.27
Multi-Stage	$83.17 - $91.02	$87.02
Blended Fair Value	$122.14
Current Price	$75.49
Upside	61.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.95%	12.88%	2.05	1.84	1.63	1.47	1.33	1.17	1.02	0.90	0.78	0.67
YoY Growth	-	-	11.98%	12.83%	10.85%	10.24%	13.91%	14.61%	13.88%	14.45%	16.39%	9.83%
Dividend Yield	-	-	2.90%	2.90%	2.11%	1.73%	1.76%	1.94%	2.14%	2.19%	2.44%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,502.00
(-) Cash Dividends Paid (M)	4,558.00
(=) Cash Retained (M)	1,944.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,300.40	812.75	487.65
Cash Retained (M)	1,944.00	1,944.00	1,944.00
(-) Cash Required (M)	-1,300.40	-812.75	-487.65
(=) Excess Retained (M)	643.60	1,131.25	1,456.35
(/) Shares Outstanding (M)	2,060.90	2,060.90	2,060.90
(=) Excess Retained per Share	0.31	0.55	0.71
LTM Dividend per Share	2.21	2.21	2.21
(+) Excess Retained per Share	0.31	0.55	0.71
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.85%	4.85%	5.85%
Fair Value	$92.28	$157.27	$367.57
Upside / Downside	22.24%	108.33%	386.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,502.00	6,817.06	7,147.38	7,493.71	7,856.83	8,237.53	8,484.66
Payout Ratio	70.10%	74.08%	78.06%	82.04%	86.02%	90.00%	92.50%
Projected Dividends (M)	4,558.00	5,050.16	5,579.31	6,147.89	6,758.47	7,413.78	7,848.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.85%	4.85%	5.85%
Year 1 PV (M)	4,688.52	4,733.67	4,778.82
Year 2 PV (M)	4,808.86	4,901.92	4,995.87
Year 3 PV (M)	4,919.47	5,062.96	5,209.22
Year 4 PV (M)	5,020.78	5,216.98	5,418.89
Year 5 PV (M)	5,113.21	5,364.19	5,624.93
PV of Terminal Value (M)	146,853.04	154,061.28	161,549.83
Equity Value (M)	171,403.88	179,341.00	187,577.55
Shares Outstanding (M)	2,060.90	2,060.90	2,060.90
Fair Value	$83.17	$87.02	$91.02
Upside / Downside	10.17%	15.27%	20.57%

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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%
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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%
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VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
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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%
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BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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NextEra Energy, Inc. Series N J (NEE-PN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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