DDM Analysis: CMSD

Valuation Snapshot

Stable Growth	$97.68 - $352.66	$162.65
Multi-Stage	$94.05 - $102.99	$98.43
Blended Fair Value	$130.54
Current Price	$24.14
Upside	440.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.50%	7.89%	2.09	1.94	1.83	1.70	1.56	1.46	1.36	1.26	1.16	1.08
YoY Growth	-	-	8.12%	6.04%	7.27%	8.99%	7.11%	7.13%	7.96%	8.65%	7.76%	9.90%
Dividend Yield	-	-	9.17%	7.81%	7.51%	6.62%	5.75%	5.77%	5.28%	5.03%	4.63%	4.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,047.00
(-) Cash Dividends Paid (M)	652.00
(=) Cash Retained (M)	395.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.40	130.88	78.53
Cash Retained (M)	395.00	395.00	395.00
(-) Cash Required (M)	-209.40	-130.88	-78.53
(=) Excess Retained (M)	185.60	264.13	316.48
(/) Shares Outstanding (M)	299.13	299.13	299.13
(=) Excess Retained per Share	0.62	0.88	1.06
LTM Dividend per Share	2.18	2.18	2.18
(+) Excess Retained per Share	0.62	0.88	1.06
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	3.59%	4.59%	5.59%
Fair Value	$97.68	$162.65	$352.66
Upside / Downside	304.66%	573.77%	1,360.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,047.00	1,095.03	1,145.27	1,197.81	1,252.76	1,310.23	1,349.54
Payout Ratio	62.27%	67.82%	73.36%	78.91%	84.45%	90.00%	92.50%
Projected Dividends (M)	652.00	742.63	840.21	945.18	1,058.01	1,179.21	1,248.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	3.59%	4.59%	5.59%
Year 1 PV (M)	690.27	696.94	703.60
Year 2 PV (M)	725.91	739.99	754.21
Year 3 PV (M)	759.02	781.21	803.84
Year 4 PV (M)	789.72	820.66	852.50
Year 5 PV (M)	818.12	858.38	900.21
PV of Terminal Value (M)	24,348.73	25,546.92	26,791.81
Equity Value (M)	28,131.77	29,444.10	30,806.17
Shares Outstanding (M)	299.13	299.13	299.13
Fair Value	$94.05	$98.43	$102.99
Upside / Downside	289.59%	307.76%	326.63%

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CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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