DDM Analysis: SR-PA

Valuation Snapshot

Stable Growth	$334.21 - $920.12	$862.28
Multi-Stage	$140.86 - $153.88	$147.25
Blended Fair Value	$504.76
Current Price	$81.52
Upside	519.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.32%	8.72%	3.11	2.85	2.57	2.42	2.27	2.18	2.03	1.85	1.64	1.45
YoY Growth	-	-	9.04%	10.88%	6.20%	6.53%	4.06%	7.56%	9.48%	12.99%	12.91%	7.85%
Dividend Yield	-	-	3.81%	4.20%	4.12%	3.52%	3.48%	3.41%	2.44%	2.50%	2.18%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	271.70
(-) Cash Dividends Paid (M)	267.90
(=) Cash Retained (M)	3.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.34	33.96	20.38
Cash Retained (M)	3.80	3.80	3.80
(-) Cash Required (M)	-54.34	-33.96	-20.38
(=) Excess Retained (M)	-50.54	-30.16	-16.58
(/) Shares Outstanding (M)	58.63	58.63	58.63
(=) Excess Retained per Share	-0.86	-0.51	-0.28
LTM Dividend per Share	4.57	4.57	4.57
(+) Excess Retained per Share	-0.86	-0.51	-0.28
(=) Adjusted Dividend	3.71	4.06	4.29
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.32%	6.32%	7.32%
Fair Value	$334.21	$862.28	$920.12
Upside / Downside	309.97%	957.75%	1,028.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	271.70	288.86	307.11	326.51	347.13	369.06	380.13
Payout Ratio	98.60%	96.88%	95.16%	93.44%	91.72%	90.00%	92.50%
Projected Dividends (M)	267.90	279.85	292.25	305.09	318.39	332.16	351.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.32%	6.32%	7.32%
Year 1 PV (M)	260.34	262.81	265.28
Year 2 PV (M)	252.91	257.74	262.61
Year 3 PV (M)	245.61	252.68	259.87
Year 4 PV (M)	238.45	247.63	257.08
Year 5 PV (M)	231.41	242.60	254.23
PV of Terminal Value (M)	7,028.92	7,369.02	7,722.16
Equity Value (M)	8,257.63	8,632.47	9,021.23
Shares Outstanding (M)	58.63	58.63	58.63
Fair Value	$140.86	$147.25	$153.88
Upside / Downside	72.79%	80.63%	88.76%

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Spire Inc. (SR-PA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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