DDM Analysis: DTM

Valuation Snapshot

Stable Growth	$30.28 - $44.41	$37.08
Multi-Stage	$56.35 - $61.76	$59.00
Blended Fair Value	$48.04
Current Price	$113.06
Upside	-57.51%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	2.74	2.58	2.39	5.48	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	6.46%	7.79%	-56.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.84%	4.21%	4.84%	10.09%	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)	403.00
(-) Cash Dividends Paid (M)	312.00
(=) Cash Retained (M)	91.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.60	50.38	30.23
Cash Retained (M)	91.00	91.00	91.00
(-) Cash Required (M)	-80.60	-50.38	-30.23
(=) Excess Retained (M)	10.40	40.63	60.78
(/) Shares Outstanding (M)	102.07	102.07	102.07
(=) Excess Retained per Share	0.10	0.40	0.60
LTM Dividend per Share	3.06	3.06	3.06
(+) Excess Retained per Share	0.10	0.40	0.60
(=) Adjusted Dividend	3.16	3.45	3.65
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30.28	$37.08	$44.41
Upside / Downside	-73.22%	-67.20%	-60.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	403.00	398.97	394.98	391.03	387.12	383.25	394.75
Payout Ratio	77.42%	79.94%	82.45%	84.97%	87.48%	90.00%	92.50%
Projected Dividends (M)	312.00	318.92	325.67	332.25	338.67	344.92	365.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.22%	8.22%	8.22%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	291.71	294.68	297.66
Year 2 PV (M)	272.46	278.05	283.70
Year 3 PV (M)	254.25	262.12	270.14
Year 4 PV (M)	237.05	246.88	257.00
Year 5 PV (M)	220.83	232.33	244.31
PV of Terminal Value (M)	4,475.18	4,708.21	4,950.85
Equity Value (M)	5,751.49	6,022.28	6,303.67
Shares Outstanding (M)	102.07	102.07	102.07
Fair Value	$56.35	$59.00	$61.76
Upside / Downside	-50.16%	-47.81%	-45.38%

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DT Midstream, Inc. (DTM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener