DDM Analysis: CEM

Valuation Snapshot

Stable Growth	$86.08 - $124.55	$104.78
Multi-Stage	$146.09 - $160.29	$153.06
Blended Fair Value	$128.92
Current Price	$47.29
Upside	172.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-17.47%	0.00%	2.80	2.34	1.96	3.05	6.21	7.30	7.26	7.05	0.00	0.00
YoY Growth	-	-	19.47%	19.56%	-35.77%	-50.98%	-14.85%	0.58%	2.95%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.29%	6.54%	7.33%	18.68%	12.42%	12.24%	11.38%	9.21%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	159.09
(-) Cash Dividends Paid (M)	74.40
(=) Cash Retained (M)	84.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.82	19.89	11.93
Cash Retained (M)	84.69	84.69	84.69
(-) Cash Required (M)	-31.82	-19.89	-11.93
(=) Excess Retained (M)	52.87	64.80	72.76
(/) Shares Outstanding (M)	13.37	13.37	13.37
(=) Excess Retained per Share	3.95	4.85	5.44
LTM Dividend per Share	5.56	5.56	5.56
(+) Excess Retained per Share	3.95	4.85	5.44
(=) Adjusted Dividend	9.52	10.41	11.01
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$86.08	$104.78	$124.55
Upside / Downside	82.02%	121.56%	163.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.09	157.49	155.92	154.36	152.82	151.29	155.83
Payout Ratio	46.76%	55.41%	64.06%	72.71%	81.35%	90.00%	92.50%
Projected Dividends (M)	74.40	87.27	99.88	112.23	124.32	136.16	144.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	79.38	80.19	81.00
Year 2 PV (M)	82.63	84.32	86.03
Year 3 PV (M)	84.44	87.05	89.72
Year 4 PV (M)	85.08	88.60	92.24
Year 5 PV (M)	84.75	89.16	93.76
PV of Terminal Value (M)	1,537.20	1,617.24	1,700.59
Equity Value (M)	1,953.47	2,046.57	2,143.33
Shares Outstanding (M)	13.37	13.37	13.37
Fair Value	$146.09	$153.06	$160.29
Upside / Downside	208.93%	223.66%	238.96%

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Financial Statements

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ClearBridge MLP and Midstream Fund Inc (CEM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener