DDM Analysis: WEC

Valuation Snapshot

Stable Growth	$300.18 - $1,048.56	$982.63
Multi-Stage	$146.34 - $160.00	$153.04
Blended Fair Value	$567.84
Current Price	$114.59
Upside	395.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.24%	11.61%	3.29	3.07	2.86	2.66	2.49	2.32	2.17	2.05	1.95	1.42
YoY Growth	-	-	7.32%	7.22%	7.38%	7.12%	7.19%	6.77%	6.21%	5.06%	37.22%	29.38%
Dividend Yield	-	-	3.02%	3.76%	3.02%	2.67%	2.66%	2.63%	2.78%	3.26%	3.21%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,695.30
(-) Cash Dividends Paid (M)	1,122.40
(=) Cash Retained (M)	572.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	339.06	211.91	127.15
Cash Retained (M)	572.90	572.90	572.90
(-) Cash Required (M)	-339.06	-211.91	-127.15
(=) Excess Retained (M)	233.84	360.99	445.75
(/) Shares Outstanding (M)	320.78	320.78	320.78
(=) Excess Retained per Share	0.73	1.13	1.39
LTM Dividend per Share	3.50	3.50	3.50
(+) Excess Retained per Share	0.73	1.13	1.39
(=) Adjusted Dividend	4.23	4.62	4.89
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.24%	6.24%	7.24%
Fair Value	$300.18	$982.63	$1,048.56
Upside / Downside	161.96%	757.52%	815.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,695.30	1,801.17	1,913.65	2,033.15	2,160.12	2,295.01	2,363.86
Payout Ratio	66.21%	70.97%	75.72%	80.48%	85.24%	90.00%	92.50%
Projected Dividends (M)	1,122.40	1,278.20	1,449.09	1,636.33	1,841.31	2,065.51	2,186.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	5.24%	6.24%	7.24%
Year 1 PV (M)	1,186.36	1,197.64	1,208.91
Year 2 PV (M)	1,248.34	1,272.17	1,296.23
Year 3 PV (M)	1,308.36	1,346.01	1,384.37
Year 4 PV (M)	1,366.47	1,419.15	1,473.34
Year 5 PV (M)	1,422.71	1,491.60	1,563.13
PV of Terminal Value (M)	40,408.69	42,365.26	44,396.91
Equity Value (M)	46,940.92	49,091.82	51,322.88
Shares Outstanding (M)	320.78	320.78	320.78
Fair Value	$146.34	$153.04	$160.00
Upside / Downside	27.70%	33.56%	39.63%

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WEC Energy Group, Inc. (WEC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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