DDM Analysis: WM

Valuation Snapshot

Stable Growth	$224.47 - $1,252.38	$429.12
Multi-Stage	$155.75 - $170.40	$162.94
Blended Fair Value	$296.03
Current Price	$220.83
Upside	34.05%
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	6.67%	5.73%	2.99	2.81	2.67	2.40	2.29	2.17	1.99	1.86	1.80	1.72
YoY Growth	-	-	6.51%	5.48%	11.03%	4.64%	5.82%	9.23%	6.93%	3.31%	4.46%	0.29%
Dividend Yield	-	-	1.29%	1.32%	1.63%	1.51%	1.78%	2.34%	1.91%	2.21%	2.46%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,564.00
(-) Cash Dividends Paid (M)	1,302.00
(=) Cash Retained (M)	1,262.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	512.80	320.50	192.30
Cash Retained (M)	1,262.00	1,262.00	1,262.00
(-) Cash Required (M)	-512.80	-320.50	-192.30
(=) Excess Retained (M)	749.20	941.50	1,069.70
(/) Shares Outstanding (M)	404.03	404.03	404.03
(=) Excess Retained per Share	1.85	2.33	2.65
LTM Dividend per Share	3.22	3.22	3.22
(+) Excess Retained per Share	1.85	2.33	2.65
(=) Adjusted Dividend	5.08	5.55	5.87
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	4.67%	5.67%	6.67%
Fair Value	$224.47	$429.12	$1,252.38
Upside / Downside	1.65%	94.32%	467.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,564.00	2,709.47	2,863.19	3,025.63	3,197.28	3,378.68	3,480.04
Payout Ratio	50.78%	58.62%	66.47%	74.31%	82.16%	90.00%	92.50%
Projected Dividends (M)	1,302.00	1,588.40	1,903.10	2,248.40	2,626.76	3,040.81	3,219.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	4.67%	5.67%	6.67%
Year 1 PV (M)	1,469.88	1,483.92	1,497.96
Year 2 PV (M)	1,629.69	1,660.98	1,692.56
Year 3 PV (M)	1,781.71	1,833.27	1,885.81
Year 4 PV (M)	1,926.22	2,000.89	2,077.71
Year 5 PV (M)	2,063.45	2,163.92	2,268.27
PV of Terminal Value (M)	54,057.78	56,689.81	59,423.37
Equity Value (M)	62,928.73	65,832.77	68,845.67
Shares Outstanding (M)	404.03	404.03	404.03
Fair Value	$155.75	$162.94	$170.40
Upside / Downside	-29.47%	-26.21%	-22.84%

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Waste Management, Inc. (WM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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