DDM Analysis: 0HRZ.L

Valuation Snapshot

Stable Growth	$144.47 - $433.72	$406.46
Multi-Stage	$59.21 - $64.79	$61.95
Blended Fair Value	$234.20
Current Price	$23.65
Upside	890.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.75%	34.08%	0.83	1.18	2.64	1.03	0.21	0.19	0.15	0.10	0.05	0.04
YoY Growth	-	-	-29.78%	-55.32%	155.38%	390.57%	8.90%	31.10%	41.26%	117.86%	9.36%	-0.56%
Dividend Yield	-	-	2.87%	4.21%	10.76%	3.83%	1.12%	1.13%	0.57%	0.44%	0.20%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,646.00
(-) Cash Dividends Paid (M)	669.00
(=) Cash Retained (M)	977.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	329.20	205.75	123.45
Cash Retained (M)	977.00	977.00	977.00
(-) Cash Required (M)	-329.20	-205.75	-123.45
(=) Excess Retained (M)	647.80	771.25	853.55
(/) Shares Outstanding (M)	754.75	754.75	754.75
(=) Excess Retained per Share	0.86	1.02	1.13
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	0.86	1.02	1.13
(=) Adjusted Dividend	1.74	1.91	2.02
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$144.47	$406.46	$433.72
Upside / Downside	510.86%	1,618.63%	1,733.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,646.00	1,752.99	1,866.93	1,988.29	2,117.52	2,255.16	2,322.82
Payout Ratio	40.64%	50.52%	60.39%	70.26%	80.13%	90.00%	92.50%
Projected Dividends (M)	669.00	885.53	1,127.37	1,396.92	1,696.75	2,029.65	2,148.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.77%	6.77%	6.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	821.56	829.35	837.13
Year 2 PV (M)	970.38	988.86	1,007.52
Year 3 PV (M)	1,115.53	1,147.56	1,180.19
Year 4 PV (M)	1,257.09	1,305.43	1,355.15
Year 5 PV (M)	1,395.10	1,462.48	1,532.45
PV of Terminal Value (M)	39,131.81	41,021.89	42,984.31
Equity Value (M)	44,691.47	46,755.57	48,896.75
Shares Outstanding (M)	754.75	754.75	754.75
Fair Value	$59.21	$61.95	$64.79
Upside / Downside	150.37%	161.94%	173.93%

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Coterra Energy Inc. (0HRZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener