Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Ameren Corporation (0HE2.L)

Company Dividend Discount ModelIndustry: General UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$476.08 - $1,023.75$959.29
Multi-Stage$240.47 - $263.73$251.88
Blended Fair Value$605.59
Current Price$104.38
Upside480.18%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS8.63%6.23%2.642.442.252.091.821.741.661.591.541.48
YoY Growth--7.85%8.52%7.96%14.37%4.66%4.66%4.64%3.61%3.48%3.08%
Dividend Yield--2.63%3.34%2.61%2.22%2.24%2.39%2.29%2.81%2.81%2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,411.00
(-) Cash Dividends Paid (M)755.00
(=) Cash Retained (M)656.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)282.20176.38105.83
Cash Retained (M)656.00656.00656.00
(-) Cash Required (M)-282.20-176.38-105.83
(=) Excess Retained (M)373.80479.63550.18
(/) Shares Outstanding (M)270.88270.88270.88
(=) Excess Retained per Share1.381.772.03
LTM Dividend per Share2.792.792.79
(+) Excess Retained per Share1.381.772.03
(=) Adjusted Dividend4.174.564.82
WACC / Discount Rate5.15%5.15%5.15%
Growth Rate4.23%5.23%6.23%
Fair Value$476.08$959.29$1,023.75
Upside / Downside356.10%819.04%880.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,411.001,484.851,562.571,644.351,730.421,820.991,875.62
Payout Ratio53.51%60.81%68.10%75.40%82.70%90.00%92.50%
Projected Dividends (M)755.00902.891,064.181,239.891,431.081,638.891,734.94

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.15%5.15%5.15%
Growth Rate4.23%5.23%6.23%
Year 1 PV (M)850.54858.69866.85
Year 2 PV (M)944.36962.56980.94
Year 3 PV (M)1,036.481,066.601,097.30
Year 4 PV (M)1,126.941,170.811,215.96
Year 5 PV (M)1,215.751,275.201,336.95
PV of Terminal Value (M)59,962.8562,894.9365,940.60
Equity Value (M)65,136.9268,228.8071,438.61
Shares Outstanding (M)270.88270.88270.88
Fair Value$240.47$251.88$263.73
Upside / Downside130.38%141.31%152.67%

High-Yield Dividend Screener

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