DDM Analysis: SMLP

Valuation Snapshot

Stable Growth	$53.72 - $73.67	$63.81
Multi-Stage	$104.21 - $115.10	$109.55
Blended Fair Value	$86.68
Current Price	$28.50
Upside	204.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-49.44%	-22.96%	0.62	0.31	0.00	0.00	14.18	18.72	16.10	14.85	13.52	11.16
YoY Growth	-	-	99.94%	0.00%	0.00%	-100.00%	-24.27%	16.31%	8.44%	9.81%	21.15%	32.88%
Dividend Yield	-	-	2.17%	2.02%	0.00%	0.00%	154.95%	12.56%	7.64%	4.12%	5.31%	2.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108.14
(-) Cash Dividends Paid (M)	6.51
(=) Cash Retained (M)	101.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.63	13.52	8.11
Cash Retained (M)	101.63	101.63	101.63
(-) Cash Required (M)	-21.63	-13.52	-8.11
(=) Excess Retained (M)	80.00	88.11	93.52
(/) Shares Outstanding (M)	10.53	10.53	10.53
(=) Excess Retained per Share	7.60	8.37	8.89
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	7.60	8.37	8.89
(=) Adjusted Dividend	8.22	8.99	9.50
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	-5.85%	-4.85%	-3.85%
Fair Value	$53.72	$63.81	$73.67
Upside / Downside	88.50%	123.91%	158.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108.14	102.89	97.90	93.15	88.63	84.33	86.86
Payout Ratio	6.02%	22.82%	39.61%	56.41%	73.20%	90.00%	92.50%
Projected Dividends (M)	6.51	23.48	38.78	52.54	64.88	75.89	80.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.55%	8.55%	8.55%
Growth Rate	-5.85%	-4.85%	-3.85%
Year 1 PV (M)	21.40	21.63	21.86
Year 2 PV (M)	32.22	32.91	33.61
Year 3 PV (M)	39.80	41.08	42.39
Year 4 PV (M)	44.79	46.73	48.72
Year 5 PV (M)	47.76	50.35	53.06
PV of Terminal Value (M)	910.90	960.31	1,011.85
Equity Value (M)	1,096.88	1,153.01	1,211.48
Shares Outstanding (M)	10.53	10.53	10.53
Fair Value	$104.21	$109.55	$115.10
Upside / Downside	265.66%	284.38%	303.87%

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Fundamentals

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Summit Midstream Partners, LP (SMLP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener