Definitive Analysis
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Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Evergy, Inc. (EVRG)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$79.54 - $198.16$119.26
Multi-Stage$85.81 - $93.90$89.78
Blended Fair Value$104.52
Current Price$76.02
Upside37.49%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.23%13.28%2.572.452.302.142.001.992.040.960.880.80
YoY Growth--4.76%6.51%7.41%7.08%0.54%-2.63%112.91%9.18%9.79%8.52%
Dividend Yield--3.72%4.65%3.77%3.14%3.36%3.62%3.56%1.85%1.62%1.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)849.50
(-) Cash Dividends Paid (M)609.20
(=) Cash Retained (M)240.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)169.90106.1963.71
Cash Retained (M)240.30240.30240.30
(-) Cash Required (M)-169.90-106.19-63.71
(=) Excess Retained (M)70.40134.11176.59
(/) Shares Outstanding (M)232.38232.38232.38
(=) Excess Retained per Share0.300.580.76
LTM Dividend per Share2.622.622.62
(+) Excess Retained per Share0.300.580.76
(=) Adjusted Dividend2.923.203.38
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate3.23%4.23%5.23%
Fair Value$79.54$119.26$198.16
Upside / Downside4.63%56.87%160.67%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)849.50885.41922.84961.851,002.521,044.901,076.24
Payout Ratio71.71%75.37%79.03%82.69%86.34%90.00%92.50%
Projected Dividends (M)609.20667.34729.30795.31865.60940.41995.52

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate3.23%4.23%5.23%
Year 1 PV (M)617.56623.54629.53
Year 2 PV (M)624.56636.72649.00
Year 3 PV (M)630.29648.79667.64
Year 4 PV (M)634.83659.79685.48
Year 5 PV (M)638.25669.77702.53
PV of Terminal Value (M)16,794.6617,624.0618,485.90
Equity Value (M)19,940.1720,862.6821,820.07
Shares Outstanding (M)232.38232.38232.38
Fair Value$85.81$89.78$93.90
Upside / Downside12.88%18.10%23.52%

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