DDM Analysis: SO

Valuation Snapshot

Stable Growth	$66.00 - $130.34	$91.29
Multi-Stage	$95.09 - $104.23	$99.58
Blended Fair Value	$95.44
Current Price	$94.77
Upside	0.70%
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	2.82%	4.70%	2.67	2.74	2.62	2.51	2.42	2.32	2.19	2.08	1.90	1.77
YoY Growth	-	-	-2.67%	4.40%	4.68%	3.43%	4.47%	5.98%	5.43%	9.32%	7.40%	4.98%
Dividend Yield	-	-	2.90%	3.85%	3.77%	3.46%	3.90%	4.28%	4.26%	4.65%	3.81%	3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,459.00
(-) Cash Dividends Paid (M)	2,988.00
(=) Cash Retained (M)	1,471.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	891.80	557.38	334.43
Cash Retained (M)	1,471.00	1,471.00	1,471.00
(-) Cash Required (M)	-891.80	-557.38	-334.43
(=) Excess Retained (M)	579.20	913.63	1,136.58
(/) Shares Outstanding (M)	1,108.13	1,108.13	1,108.13
(=) Excess Retained per Share	0.52	0.82	1.03
LTM Dividend per Share	2.70	2.70	2.70
(+) Excess Retained per Share	0.52	0.82	1.03
(=) Adjusted Dividend	3.22	3.52	3.72
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	1.76%	2.76%	3.76%
Fair Value	$66.00	$91.29	$130.34
Upside / Downside	-30.35%	-3.67%	37.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,459.00	4,582.29	4,708.98	4,839.18	4,972.98	5,110.48	5,263.79
Payout Ratio	67.01%	71.61%	76.21%	80.80%	85.40%	90.00%	92.50%
Projected Dividends (M)	2,988.00	3,281.30	3,588.54	3,910.26	4,247.03	4,599.43	4,869.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	1.76%	2.76%	3.76%
Year 1 PV (M)	3,044.53	3,074.45	3,104.37
Year 2 PV (M)	3,089.34	3,150.36	3,211.97
Year 3 PV (M)	3,123.40	3,216.39	3,311.20
Year 4 PV (M)	3,147.61	3,273.17	3,402.45
Year 5 PV (M)	3,162.82	3,321.30	3,486.07
PV of Terminal Value (M)	89,807.04	94,307.09	98,985.75
Equity Value (M)	105,374.75	110,342.75	115,501.80
Shares Outstanding (M)	1,108.13	1,108.13	1,108.13
Fair Value	$95.09	$99.58	$104.23
Upside / Downside	0.34%	5.07%	9.98%

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The Southern Company (SO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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