DDM Analysis: OKE

Valuation Snapshot

Stable Growth	$135.87 - $392.21	$213.07
Multi-Stage	$96.09 - $104.72	$100.33
Blended Fair Value	$156.70
Current Price	$72.97
Upside	114.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.67%	17.95%	3.77	3.00	2.72	2.72	2.62	2.37	2.18	1.35	0.84	0.83
YoY Growth	-	-	25.77%	10.02%	0.25%	3.87%	10.14%	9.18%	60.96%	60.24%	1.65%	14.73%
Dividend Yield	-	-	3.80%	3.76%	4.29%	3.85%	5.16%	10.89%	3.09%	2.37%	1.52%	2.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,339.00
(-) Cash Dividends Paid (M)	2,514.00
(=) Cash Retained (M)	825.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	667.80	417.38	250.43
Cash Retained (M)	825.00	825.00	825.00
(-) Cash Required (M)	-667.80	-417.38	-250.43
(=) Excess Retained (M)	157.20	407.63	574.58
(/) Shares Outstanding (M)	613.80	613.80	613.80
(=) Excess Retained per Share	0.26	0.66	0.94
LTM Dividend per Share	4.10	4.10	4.10
(+) Excess Retained per Share	0.26	0.66	0.94
(=) Adjusted Dividend	4.35	4.76	5.03
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.87	$213.07	$392.21
Upside / Downside	86.20%	192.00%	437.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,339.00	3,556.04	3,787.18	4,033.34	4,295.51	4,574.72	4,711.96
Payout Ratio	75.29%	78.23%	81.18%	84.12%	87.06%	90.00%	92.50%
Projected Dividends (M)	2,514.00	2,782.01	3,074.25	3,392.72	3,739.60	4,117.25	4,358.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,531.15	2,555.14	2,579.13
Year 2 PV (M)	2,544.81	2,593.28	2,642.21
Year 3 PV (M)	2,555.18	2,628.53	2,703.27
Year 4 PV (M)	2,562.46	2,661.01	2,762.37
Year 5 PV (M)	2,566.83	2,690.81	2,819.53
PV of Terminal Value (M)	46,218.64	48,451.01	50,768.83
Equity Value (M)	58,979.07	61,579.78	64,275.35
Shares Outstanding (M)	613.80	613.80	613.80
Fair Value	$96.09	$100.33	$104.72
Upside / Downside	31.68%	37.49%	43.51%

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ONEOK, Inc. (OKE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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