DDM Analysis: BKH

Valuation Snapshot

Stable Growth	$172.38 - $772.62	$401.50
Multi-Stage	$139.13 - $152.54	$145.71
Blended Fair Value	$273.60
Current Price	$56.10
Upside	387.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.90%	10.10%	2.53	2.33	2.17	2.01	1.88	1.73	1.48	1.34	1.21	1.01
YoY Growth	-	-	8.45%	7.28%	8.07%	7.06%	8.66%	16.94%	10.18%	10.48%	20.61%	4.26%
Dividend Yield	-	-	4.16%	4.33%	3.44%	2.61%	2.81%	2.70%	2.02%	2.47%	1.83%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	284.80
(-) Cash Dividends Paid (M)	144.10
(=) Cash Retained (M)	140.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.96	35.60	21.36
Cash Retained (M)	140.70	140.70	140.70
(-) Cash Required (M)	-56.96	-35.60	-21.36
(=) Excess Retained (M)	83.74	105.10	119.34
(/) Shares Outstanding (M)	72.18	72.18	72.18
(=) Excess Retained per Share	1.16	1.46	1.65
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	1.16	1.46	1.65
(=) Adjusted Dividend	3.16	3.45	3.65
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	3.84%	4.84%	5.84%
Fair Value	$172.38	$401.50	$772.62
Upside / Downside	207.28%	615.68%	1,277.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	284.80	298.58	313.03	328.17	344.05	360.70	371.52
Payout Ratio	50.60%	58.48%	66.36%	74.24%	82.12%	90.00%	92.50%
Projected Dividends (M)	144.10	174.60	207.72	243.63	282.53	324.63	343.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.74%	5.74%	5.74%
Growth Rate	3.84%	4.84%	5.84%
Year 1 PV (M)	163.55	165.12	166.70
Year 2 PV (M)	182.25	185.78	189.34
Year 3 PV (M)	200.23	206.07	212.02
Year 4 PV (M)	217.50	226.00	234.75
Year 5 PV (M)	234.09	245.58	257.52
PV of Terminal Value (M)	9,043.86	9,487.80	9,949.01
Equity Value (M)	10,041.47	10,516.35	11,009.34
Shares Outstanding (M)	72.18	72.18	72.18
Fair Value	$139.13	$145.71	$152.54
Upside / Downside	148.00%	159.73%	171.90%

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Black Hills Corporation (BKH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener