DDM Analysis: PNM

Valuation Snapshot

Stable Growth	$182.08 - $387.53	$363.17
Multi-Stage	$59.58 - $65.18	$62.33
Blended Fair Value	$212.75
Current Price	$40.70
Upside	422.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.49%	9.91%	1.69	1.40	1.32	1.25	1.09	1.03	0.94	0.86	0.78	0.71
YoY Growth	-	-	20.75%	5.73%	6.08%	14.69%	6.00%	9.37%	9.22%	10.15%	9.92%	8.04%
Dividend Yield	-	-	4.15%	3.74%	2.72%	2.61%	2.22%	2.70%	2.01%	2.24%	2.11%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.66
(-) Cash Dividends Paid (M)	101.85
(=) Cash Retained (M)	74.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.33	22.08	13.25
Cash Retained (M)	74.81	74.81	74.81
(-) Cash Required (M)	-35.33	-22.08	-13.25
(=) Excess Retained (M)	39.48	52.73	61.56
(/) Shares Outstanding (M)	90.66	90.66	90.66
(=) Excess Retained per Share	0.44	0.58	0.68
LTM Dividend per Share	1.12	1.12	1.12
(+) Excess Retained per Share	0.44	0.58	0.68
(=) Adjusted Dividend	1.56	1.71	1.80
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$182.08	$363.17	$387.53
Upside / Downside	347.37%	792.32%	852.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.66	188.14	200.37	213.39	227.26	242.04	249.30
Payout Ratio	57.65%	64.12%	70.59%	77.06%	83.53%	90.00%	92.50%
Projected Dividends (M)	101.85	120.64	141.44	164.44	189.83	217.83	230.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	112.31	113.38	114.44
Year 2 PV (M)	122.60	124.93	127.29
Year 3 PV (M)	132.70	136.51	140.39
Year 4 PV (M)	142.62	148.10	153.74
Year 5 PV (M)	152.36	159.72	167.36
PV of Terminal Value (M)	4,739.21	4,968.12	5,205.78
Equity Value (M)	5,401.79	5,650.75	5,909.00
Shares Outstanding (M)	90.66	90.66	90.66
Fair Value	$59.58	$62.33	$65.18
Upside / Downside	46.40%	53.15%	60.15%

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Financial Statements

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PNM Resources, Inc. (PNM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener