DDM Analysis: DUK

Valuation Snapshot

Stable Growth	$109.08 - $220.40	$152.17
Multi-Stage	$159.74 - $175.03	$167.24
Blended Fair Value	$159.71
Current Price	$123.75
Upside	29.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.79%	3.70%	4.14	4.18	4.10	4.01	3.62	3.44	3.18	3.16	3.00	2.90
YoY Growth	-	-	-0.96%	2.04%	2.09%	10.74%	5.40%	7.97%	0.86%	5.06%	3.46%	0.90%
Dividend Yield	-	-	3.39%	4.35%	4.25%	3.59%	3.75%	4.25%	3.57%	4.07%	3.66%	3.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,993.00
(-) Cash Dividends Paid (M)	4,022.00
(=) Cash Retained (M)	971.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	998.60	624.13	374.48
Cash Retained (M)	971.00	971.00	971.00
(-) Cash Required (M)	-998.60	-624.13	-374.48
(=) Excess Retained (M)	-27.60	346.88	596.53
(/) Shares Outstanding (M)	776.25	776.25	776.25
(=) Excess Retained per Share	-0.04	0.45	0.77
LTM Dividend per Share	5.18	5.18	5.18
(+) Excess Retained per Share	-0.04	0.45	0.77
(=) Adjusted Dividend	5.15	5.63	5.95
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$109.08	$152.17	$220.40
Upside / Downside	-11.86%	22.96%	78.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,993.00	5,132.18	5,275.24	5,422.28	5,573.43	5,728.79	5,900.65
Payout Ratio	80.55%	82.44%	84.33%	86.22%	88.11%	90.00%	92.50%
Projected Dividends (M)	4,022.00	4,231.08	4,448.70	4,675.15	4,910.78	5,155.91	5,458.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	3,930.90	3,969.52	4,008.14
Year 2 PV (M)	3,839.85	3,915.66	3,992.22
Year 3 PV (M)	3,749.02	3,860.60	3,974.38
Year 4 PV (M)	3,658.58	3,804.49	3,954.71
Year 5 PV (M)	3,568.68	3,747.46	3,933.33
PV of Terminal Value (M)	105,253.04	110,525.87	116,007.93
Equity Value (M)	124,000.07	129,823.60	135,870.72
Shares Outstanding (M)	776.25	776.25	776.25
Fair Value	$159.74	$167.24	$175.03
Upside / Downside	29.08%	35.15%	41.44%

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Duke Energy Corporation (DUK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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