DDM Analysis: SOJC

Valuation Snapshot

Stable Growth	$79.36 - $180.34	$115.42
Multi-Stage	$99.71 - $109.23	$104.38
Blended Fair Value	$109.90
Current Price	$22.72
Upside	383.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.82%	4.70%	2.66	2.74	2.62	2.50	2.42	2.32	2.19	2.07	1.90	1.77
YoY Growth	-	-	-2.67%	4.40%	4.68%	3.43%	4.47%	5.98%	5.43%	9.32%	7.40%	4.98%
Dividend Yield	-	-	12.37%	11.19%	10.74%	9.89%	9.15%	9.42%	8.75%	8.54%	7.56%	7.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,459.00
(-) Cash Dividends Paid (M)	2,988.00
(=) Cash Retained (M)	1,471.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	891.80	557.38	334.43
Cash Retained (M)	1,471.00	1,471.00	1,471.00
(-) Cash Required (M)	-891.80	-557.38	-334.43
(=) Excess Retained (M)	579.20	913.63	1,136.58
(/) Shares Outstanding (M)	1,108.88	1,108.88	1,108.88
(=) Excess Retained per Share	0.52	0.82	1.02
LTM Dividend per Share	2.69	2.69	2.69
(+) Excess Retained per Share	0.52	0.82	1.02
(=) Adjusted Dividend	3.22	3.52	3.72
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.53%	3.53%	4.53%
Fair Value	$79.36	$115.42	$180.34
Upside / Downside	249.30%	408.01%	693.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,459.00	4,616.18	4,778.91	4,947.37	5,121.76	5,302.31	5,461.38
Payout Ratio	67.01%	71.61%	76.21%	80.80%	85.40%	90.00%	92.50%
Projected Dividends (M)	2,988.00	3,305.58	3,641.83	3,997.68	4,374.09	4,772.08	5,051.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	2.53%	3.53%	4.53%
Year 1 PV (M)	3,068.63	3,098.56	3,128.49
Year 2 PV (M)	3,138.45	3,199.97	3,262.09
Year 3 PV (M)	3,198.16	3,292.66	3,389.00
Year 4 PV (M)	3,248.47	3,377.07	3,509.46
Year 5 PV (M)	3,290.00	3,453.61	3,623.66
PV of Terminal Value (M)	94,616.91	99,322.13	104,212.72
Equity Value (M)	110,560.61	115,744.00	121,125.41
Shares Outstanding (M)	1,108.88	1,108.88	1,108.88
Fair Value	$99.71	$104.38	$109.23
Upside / Downside	338.84%	359.42%	380.78%

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The Southern Company JR 2017B NT 77 (SOJC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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