DDM Analysis: TPZ

Valuation Snapshot

Stable Growth	$31.19 - $46.55	$38.50
Multi-Stage	$61.60 - $67.63	$64.56
Blended Fair Value	$51.53
Current Price	$15.45
Upside	233.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	-5.69%	0.00%	1.29	1.26	0.70	1.21	1.72	1.72	1.72	0.00	0.00	0.00
YoY Growth	-	-	2.35%	79.38%	-41.93%	-30.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	9.48%	9.23%	5.43%	12.08%	11.08%	10.05%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.97
(-) Cash Dividends Paid (M)	15.57
(=) Cash Retained (M)	7.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.59	2.87	1.72
Cash Retained (M)	7.41	7.41	7.41
(-) Cash Required (M)	-4.59	-2.87	-1.72
(=) Excess Retained (M)	2.81	4.53	5.68
(/) Shares Outstanding (M)	6.05	6.05	6.05
(=) Excess Retained per Share	0.47	0.75	0.94
LTM Dividend per Share	2.58	2.58	2.58
(+) Excess Retained per Share	0.47	0.75	0.94
(=) Adjusted Dividend	3.04	3.33	3.52
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$31.19	$38.50	$46.55
Upside / Downside	101.90%	149.16%	201.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.97	22.74	22.52	22.29	22.07	21.85	22.50
Payout Ratio	67.76%	72.21%	76.66%	81.10%	85.55%	90.00%	92.50%
Projected Dividends (M)	15.57	16.42	17.26	18.08	18.88	19.66	20.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.55%	7.55%	7.55%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.12	15.27	15.42
Year 2 PV (M)	14.62	14.92	15.23
Year 3 PV (M)	14.10	14.53	14.98
Year 4 PV (M)	13.55	14.11	14.69
Year 5 PV (M)	12.99	13.66	14.37
PV of Terminal Value (M)	302.03	317.76	334.14
Equity Value (M)	372.41	390.26	408.82
Shares Outstanding (M)	6.05	6.05	6.05
Fair Value	$61.60	$64.56	$67.63
Upside / Downside	298.73%	317.85%	337.72%

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Tortoise Essential Energy Fund (TPZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener