DDM Analysis: SWX

Valuation Snapshot

Stable Growth	$308.53 - $1,277.59	$790.42
Multi-Stage	$153.47 - $167.85	$160.53
Blended Fair Value	$475.48
Current Price	$74.39
Upside	539.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.89%	10.37%	2.46	2.42	2.22	1.91	1.74	1.61	1.39	1.28	1.15	1.03
YoY Growth	-	-	1.83%	8.73%	16.16%	10.13%	8.07%	15.85%	8.80%	10.58%	12.21%	12.03%
Dividend Yield	-	-	3.43%	3.20%	3.56%	2.44%	2.53%	2.31%	1.68%	1.89%	1.39%	1.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	463.92
(-) Cash Dividends Paid (M)	178.34
(=) Cash Retained (M)	285.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	92.78	57.99	34.79
Cash Retained (M)	285.58	285.58	285.58
(-) Cash Required (M)	-92.78	-57.99	-34.79
(=) Excess Retained (M)	192.80	227.59	250.79
(/) Shares Outstanding (M)	72.22	72.22	72.22
(=) Excess Retained per Share	2.67	3.15	3.47
LTM Dividend per Share	2.47	2.47	2.47
(+) Excess Retained per Share	2.67	3.15	3.47
(=) Adjusted Dividend	5.14	5.62	5.94
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$308.53	$790.42	$1,277.59
Upside / Downside	314.74%	962.54%	1,617.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	463.92	494.07	526.19	560.39	596.82	635.61	654.68
Payout Ratio	38.44%	48.75%	59.06%	69.38%	79.69%	90.00%	92.50%
Projected Dividends (M)	178.34	240.88	310.79	388.78	475.59	572.05	605.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	222.47	224.58	226.69
Year 2 PV (M)	265.11	270.16	275.25
Year 3 PV (M)	306.29	315.08	324.04
Year 4 PV (M)	346.05	359.36	373.05
Year 5 PV (M)	384.42	402.99	422.27
PV of Terminal Value (M)	9,558.86	10,020.55	10,499.92
Equity Value (M)	11,083.20	11,592.72	12,121.22
Shares Outstanding (M)	72.22	72.22	72.22
Fair Value	$153.47	$160.53	$167.85
Upside / Downside	106.31%	115.79%	125.63%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
112610.KS	CS Wind Corporation	2.43%	$982.89	21.73%
300452.SZ	Anhui Sunhere Pharmaceutical Excipients Co.,Ltd.	2.43%	$0.33	58.46%
603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
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%
ALV	Autoliv, Inc.	2.43%	$2.97	30.32%
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%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
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%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
3044.TW	Tripod Technology Corporation	2.39%	$7.48	42.14%
603080.SS	Xinjiang Torch Gas Co., Ltd	2.39%	$0.57	43.55%
6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
SCANFL.HE	Scanfil Oyj	2.39%	$0.24	42.33%

Financial Statements

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Sector

Southwest Gas Holdings, Inc. (SWX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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