DDM Analysis: ED

Valuation Snapshot

Stable Growth	$106.38 - $230.43	$152.16
Multi-Stage	$150.14 - $164.68	$157.27
Blended Fair Value	$154.72
Current Price	$100.52
Upside	53.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.55%	4.06%	3.09	3.08	3.06	2.90	2.74	2.60	2.37	2.26	2.15	2.06
YoY Growth	-	-	0.36%	0.64%	5.73%	5.64%	5.52%	9.74%	4.86%	5.24%	4.09%	-0.81%
Dividend Yield	-	-	2.80%	3.41%	3.20%	3.06%	3.66%	3.33%	2.81%	2.90%	2.76%	2.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,035.00
(-) Cash Dividends Paid (M)	1,147.00
(=) Cash Retained (M)	888.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	407.00	254.38	152.63
Cash Retained (M)	888.00	888.00	888.00
(-) Cash Required (M)	-407.00	-254.38	-152.63
(=) Excess Retained (M)	481.00	633.63	735.38
(/) Shares Outstanding (M)	355.68	355.68	355.68
(=) Excess Retained per Share	1.35	1.78	2.07
LTM Dividend per Share	3.22	3.22	3.22
(+) Excess Retained per Share	1.35	1.78	2.07
(=) Adjusted Dividend	4.58	5.01	5.29
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	1.98%	2.98%	3.98%
Fair Value	$106.38	$152.16	$230.43
Upside / Downside	5.83%	51.38%	129.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,035.00	2,095.72	2,158.26	2,222.66	2,288.98	2,357.29	2,428.00
Payout Ratio	56.36%	63.09%	69.82%	76.55%	83.27%	90.00%	92.50%
Projected Dividends (M)	1,147.00	1,322.21	1,506.86	1,701.35	1,906.10	2,121.56	2,245.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.37%	6.37%	6.37%
Growth Rate	1.98%	2.98%	3.98%
Year 1 PV (M)	1,230.93	1,243.00	1,255.07
Year 2 PV (M)	1,305.99	1,331.73	1,357.72
Year 3 PV (M)	1,372.76	1,413.54	1,455.12
Year 4 PV (M)	1,431.80	1,488.79	1,547.46
Year 5 PV (M)	1,483.63	1,557.81	1,634.92
PV of Terminal Value (M)	46,574.40	48,903.04	51,323.91
Equity Value (M)	53,399.52	55,937.91	58,574.20
Shares Outstanding (M)	355.68	355.68	355.68
Fair Value	$150.14	$157.27	$164.68
Upside / Downside	49.36%	56.46%	63.83%

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Consolidated Edison, Inc. (ED)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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