DDM Analysis: PNW

Valuation Snapshot

Stable Growth	$97.75 - $220.58	$141.82
Multi-Stage	$115.15 - $126.06	$120.50
Blended Fair Value	$131.16
Current Price	$89.66
Upside	46.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.67%	4.81%	3.30	3.24	3.17	3.09	2.94	2.76	2.59	2.43	2.30	2.18
YoY Growth	-	-	2.12%	2.01%	2.54%	5.39%	6.35%	6.72%	6.59%	5.68%	5.46%	5.41%
Dividend Yield	-	-	3.47%	4.37%	4.00%	3.96%	3.61%	3.64%	2.73%	3.04%	2.75%	2.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	594.30
(-) Cash Dividends Paid (M)	415.54
(=) Cash Retained (M)	178.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.86	74.29	44.57
Cash Retained (M)	178.76	178.76	178.76
(-) Cash Required (M)	-118.86	-74.29	-44.57
(=) Excess Retained (M)	59.90	104.48	134.19
(/) Shares Outstanding (M)	119.44	119.44	119.44
(=) Excess Retained per Share	0.50	0.87	1.12
LTM Dividend per Share	3.48	3.48	3.48
(+) Excess Retained per Share	0.50	0.87	1.12
(=) Adjusted Dividend	3.98	4.35	4.60
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	2.81%	3.81%	4.81%
Fair Value	$97.75	$141.82	$220.58
Upside / Downside	9.02%	58.18%	146.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	594.30	616.96	640.47	664.89	690.23	716.54	738.04
Payout Ratio	69.92%	73.94%	77.95%	81.97%	85.98%	90.00%	92.50%
Projected Dividends (M)	415.54	456.15	499.26	545.00	593.49	644.89	682.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	2.81%	3.81%	4.81%
Year 1 PV (M)	422.21	426.32	430.42
Year 2 PV (M)	427.72	436.08	444.53
Year 3 PV (M)	432.16	444.89	457.87
Year 4 PV (M)	435.59	452.79	470.49
Year 5 PV (M)	438.10	459.82	482.40
PV of Terminal Value (M)	11,597.39	12,172.48	12,770.16
Equity Value (M)	13,753.17	14,392.38	15,055.87
Shares Outstanding (M)	119.44	119.44	119.44
Fair Value	$115.15	$120.50	$126.06
Upside / Downside	28.43%	34.40%	40.59%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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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%
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Pinnacle West Capital Corporation (PNW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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