DDM Analysis: HESM

Valuation Snapshot

Stable Growth	$101.87 - $562.13	$196.32
Multi-Stage	$61.61 - $67.20	$64.35
Blended Fair Value	$130.33
Current Price	$38.51
Upside	238.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.47%	23.90%	2.02	1.09	0.78	0.42	0.27	0.73	0.69	4.09	2.63	2.90
YoY Growth	-	-	84.55%	40.11%	84.21%	56.33%	-63.00%	6.48%	-83.19%	55.46%	-9.50%	1,128.62%
Dividend Yield	-	-	4.77%	3.04%	2.69%	1.41%	1.21%	7.20%	3.23%	21.31%	10.27%	11.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	330.00
(-) Cash Dividends Paid (M)	288.40
(=) Cash Retained (M)	41.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.00	41.25	24.75
Cash Retained (M)	41.60	41.60	41.60
(-) Cash Required (M)	-66.00	-41.25	-24.75
(=) Excess Retained (M)	-24.40	0.35	16.85
(/) Shares Outstanding (M)	116.75	116.75	116.75
(=) Excess Retained per Share	-0.21	0.00	0.14
LTM Dividend per Share	2.47	2.47	2.47
(+) Excess Retained per Share	-0.21	0.00	0.14
(=) Adjusted Dividend	2.26	2.47	2.61
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.87	$196.32	$562.13
Upside / Downside	164.54%	409.78%	1,359.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	330.00	351.45	374.29	398.62	424.53	452.13	465.69
Payout Ratio	87.39%	87.92%	88.44%	88.96%	89.48%	90.00%	92.50%
Projected Dividends (M)	288.40	308.98	331.01	354.61	379.87	406.92	430.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	283.82	286.51	289.20
Year 2 PV (M)	279.30	284.62	289.99
Year 3 PV (M)	274.85	282.74	290.78
Year 4 PV (M)	270.46	280.86	291.56
Year 5 PV (M)	266.12	278.98	292.32
PV of Terminal Value (M)	5,818.65	6,099.69	6,391.49
Equity Value (M)	7,193.20	7,513.40	7,845.34
Shares Outstanding (M)	116.75	116.75	116.75
Fair Value	$61.61	$64.35	$67.20
Upside / Downside	59.99%	67.11%	74.49%

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Hess Midstream LP (HESM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener