DDM Analysis: DCP

Valuation Snapshot

Stable Growth	$83.17 - $183.58	$119.75
Multi-Stage	$75.05 - $82.09	$78.51
Blended Fair Value	$99.13
Current Price	$41.69
Upside	137.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	1.92	1.84	2.23	3.25	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	4.43%	-17.42%	-31.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.61%	5.49%	10.29%	79.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	894.00
(-) Cash Dividends Paid (M)	304.00
(=) Cash Retained (M)	590.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	178.80	111.75	67.05
Cash Retained (M)	590.00	590.00	590.00
(-) Cash Required (M)	-178.80	-111.75	-67.05
(=) Excess Retained (M)	411.20	478.25	522.95
(/) Shares Outstanding (M)	208.55	208.55	208.55
(=) Excess Retained per Share	1.97	2.29	2.51
LTM Dividend per Share	1.46	1.46	1.46
(+) Excess Retained per Share	1.97	2.29	2.51
(=) Adjusted Dividend	3.43	3.75	3.97
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	4.06%	5.06%	6.06%
Fair Value	$83.17	$119.75	$183.58
Upside / Downside	99.49%	187.23%	340.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	894.00	939.24	986.76	1,036.69	1,089.15	1,144.26	1,178.59
Payout Ratio	34.00%	45.20%	56.40%	67.60%	78.80%	90.00%	92.50%
Projected Dividends (M)	304.00	424.57	556.56	700.82	858.26	1,029.83	1,090.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	4.06%	5.06%	6.06%
Year 1 PV (M)	388.12	391.85	395.58
Year 2 PV (M)	465.09	474.08	483.14
Year 3 PV (M)	535.37	550.95	566.83
Year 4 PV (M)	599.34	622.72	646.76
Year 5 PV (M)	657.41	689.61	723.06
PV of Terminal Value (M)	13,006.32	13,643.39	14,305.18
Equity Value (M)	15,651.65	16,372.59	17,120.56
Shares Outstanding (M)	208.55	208.55	208.55
Fair Value	$75.05	$78.51	$82.09
Upside / Downside	80.02%	88.31%	96.91%

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Financial Statements

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DCP Midstream, LP (DCP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener