DDM Analysis: NEE-PN

Valuation Snapshot

Stable Growth	$92.28 - $367.57	$157.27
Multi-Stage	$83.17 - $91.02	$87.02
Blended Fair Value	$122.14
Current Price	$75.49
Upside	61.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.95%	12.88%	2.05	1.84	1.63	1.47	1.33	1.17	1.02	0.90	0.78	0.67
YoY Growth	-	-	11.98%	12.83%	10.85%	10.24%	13.91%	14.61%	13.88%	14.45%	16.39%	9.83%
Dividend Yield	-	-	2.90%	2.90%	2.11%	1.73%	1.76%	1.94%	2.14%	2.19%	2.44%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,502.00
(-) Cash Dividends Paid (M)	4,558.00
(=) Cash Retained (M)	1,944.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,300.40	812.75	487.65
Cash Retained (M)	1,944.00	1,944.00	1,944.00
(-) Cash Required (M)	-1,300.40	-812.75	-487.65
(=) Excess Retained (M)	643.60	1,131.25	1,456.35
(/) Shares Outstanding (M)	2,060.90	2,060.90	2,060.90
(=) Excess Retained per Share	0.31	0.55	0.71
LTM Dividend per Share	2.21	2.21	2.21
(+) Excess Retained per Share	0.31	0.55	0.71
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.85%	4.85%	5.85%
Fair Value	$92.28	$157.27	$367.57
Upside / Downside	22.24%	108.33%	386.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,502.00	6,817.06	7,147.38	7,493.71	7,856.83	8,237.53	8,484.66
Payout Ratio	70.10%	74.08%	78.06%	82.04%	86.02%	90.00%	92.50%
Projected Dividends (M)	4,558.00	5,050.16	5,579.31	6,147.89	6,758.47	7,413.78	7,848.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.69%	6.69%	6.69%
Growth Rate	3.85%	4.85%	5.85%
Year 1 PV (M)	4,688.52	4,733.67	4,778.82
Year 2 PV (M)	4,808.86	4,901.92	4,995.87
Year 3 PV (M)	4,919.47	5,062.96	5,209.22
Year 4 PV (M)	5,020.78	5,216.98	5,418.89
Year 5 PV (M)	5,113.21	5,364.19	5,624.93
PV of Terminal Value (M)	146,853.04	154,061.28	161,549.83
Equity Value (M)	171,403.88	179,341.00	187,577.55
Shares Outstanding (M)	2,060.90	2,060.90	2,060.90
Fair Value	$83.17	$87.02	$91.02
Upside / Downside	10.17%	15.27%	20.57%

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300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
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603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
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LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
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Financial Statements

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NextEra Energy, Inc. Series N J (NEE-PN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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