DDM Analysis: CMSC

Valuation Snapshot

Stable Growth	$270.24 - $696.10	$652.35
Multi-Stage	$101.52 - $111.01	$106.18
Blended Fair Value	$379.26
Current Price	$23.78
Upside	1,494.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.50%	7.89%	2.09	1.94	1.83	1.70	1.56	1.46	1.36	1.26	1.16	1.08
YoY Growth	-	-	8.12%	6.04%	7.27%	8.99%	7.11%	7.13%	7.96%	8.65%	7.76%	9.90%
Dividend Yield	-	-	9.34%	7.94%	7.56%	6.59%	5.65%	5.78%	5.18%	5.06%	4.66%	4.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,047.00
(-) Cash Dividends Paid (M)	652.00
(=) Cash Retained (M)	395.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.40	130.88	78.53
Cash Retained (M)	395.00	395.00	395.00
(-) Cash Required (M)	-209.40	-130.88	-78.53
(=) Excess Retained (M)	185.60	264.13	316.48
(/) Shares Outstanding (M)	299.13	299.13	299.13
(=) Excess Retained per Share	0.62	0.88	1.06
LTM Dividend per Share	2.18	2.18	2.18
(+) Excess Retained per Share	0.62	0.88	1.06
(=) Adjusted Dividend	2.80	3.06	3.24
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$270.24	$652.35	$696.10
Upside / Downside	1,036.44%	2,643.28%	2,827.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,047.00	1,115.06	1,187.53	1,264.72	1,346.93	1,434.48	1,477.52
Payout Ratio	62.27%	67.82%	73.36%	78.91%	84.45%	90.00%	92.50%
Projected Dividends (M)	652.00	756.21	871.22	997.98	1,137.55	1,291.03	1,366.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	702.78	709.44	716.10
Year 2 PV (M)	752.45	766.78	781.25
Year 3 PV (M)	801.02	824.02	847.45
Year 4 PV (M)	848.52	881.15	914.72
Year 5 PV (M)	894.96	938.19	983.07
PV of Terminal Value (M)	26,367.34	27,640.89	28,963.18
Equity Value (M)	30,367.07	31,760.47	33,205.76
Shares Outstanding (M)	299.13	299.13	299.13
Fair Value	$101.52	$106.18	$111.01
Upside / Downside	326.91%	346.50%	366.82%

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CMS Energy Corporation 5.875% J (CMSC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener