DDM Analysis: WTRG

Valuation Snapshot

Stable Growth	$405.20 - $477.39	$447.38
Multi-Stage	$98.38 - $107.73	$102.97
Blended Fair Value	$275.18
Current Price	$37.14
Upside	640.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.94%	11.94%	1.24	1.14	1.04	0.93	0.84	0.68	0.54	0.51	0.47	0.44
YoY Growth	-	-	9.34%	9.76%	11.59%	11.21%	23.37%	25.06%	7.16%	7.44%	7.98%	8.15%
Dividend Yield	-	-	3.15%	3.09%	2.37%	1.82%	1.87%	1.66%	1.50%	1.48%	1.46%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	668.45
(-) Cash Dividends Paid (M)	366.25
(=) Cash Retained (M)	302.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	133.69	83.56	50.13
Cash Retained (M)	302.20	302.20	302.20
(-) Cash Required (M)	-133.69	-83.56	-50.13
(=) Excess Retained (M)	168.51	218.64	252.06
(/) Shares Outstanding (M)	278.47	278.47	278.47
(=) Excess Retained per Share	0.61	0.79	0.91
LTM Dividend per Share	1.32	1.32	1.32
(+) Excess Retained per Share	0.61	0.79	0.91
(=) Adjusted Dividend	1.92	2.10	2.22
WACC / Discount Rate	5.55%	5.55%	5.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$405.20	$447.38	$477.39
Upside / Downside	991.00%	1,104.59%	1,185.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	668.45	711.90	758.17	807.45	859.94	915.83	943.31
Payout Ratio	54.79%	61.83%	68.87%	75.92%	82.96%	90.00%	92.50%
Projected Dividends (M)	366.25	440.19	522.19	612.99	713.39	824.25	872.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.55%	5.55%	5.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	413.11	417.02	420.94
Year 2 PV (M)	459.91	468.67	477.52
Year 3 PV (M)	506.67	521.22	536.04
Year 4 PV (M)	553.38	574.66	596.55
Year 5 PV (M)	600.04	629.02	659.11
PV of Terminal Value (M)	24,862.55	26,063.42	27,310.25
Equity Value (M)	27,395.66	28,674.02	30,000.41
Shares Outstanding (M)	278.47	278.47	278.47
Fair Value	$98.38	$102.97	$107.73
Upside / Downside	164.89%	177.25%	190.08%

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Essential Utilities, Inc. (WTRG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener