DDM Analysis: SO

Valuation Snapshot

Stable Growth	$66.02 - $130.38	$91.32
Multi-Stage	$95.12 - $104.26	$99.60
Blended Fair Value	$95.46
Current Price	$94.77
Upside	0.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.82%	4.70%	2.67	2.74	2.62	2.51	2.42	2.32	2.19	2.08	1.90	1.77
YoY Growth	-	-	-2.67%	4.40%	4.68%	3.43%	4.47%	5.98%	5.43%	9.32%	7.40%	4.98%
Dividend Yield	-	-	2.90%	3.85%	3.77%	3.46%	3.90%	4.28%	4.26%	4.65%	3.81%	3.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,459.00
(-) Cash Dividends Paid (M)	2,988.00
(=) Cash Retained (M)	1,471.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	891.80	557.38	334.43
Cash Retained (M)	1,471.00	1,471.00	1,471.00
(-) Cash Required (M)	-891.80	-557.38	-334.43
(=) Excess Retained (M)	579.20	913.63	1,136.58
(/) Shares Outstanding (M)	1,108.13	1,108.13	1,108.13
(=) Excess Retained per Share	0.52	0.82	1.03
LTM Dividend per Share	2.70	2.70	2.70
(+) Excess Retained per Share	0.52	0.82	1.03
(=) Adjusted Dividend	3.22	3.52	3.72
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	1.76%	2.76%	3.76%
Fair Value	$66.02	$91.32	$130.38
Upside / Downside	-30.34%	-3.64%	37.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,459.00	4,582.29	4,708.98	4,839.18	4,972.98	5,110.48	5,263.79
Payout Ratio	67.01%	71.61%	76.21%	80.80%	85.40%	90.00%	92.50%
Projected Dividends (M)	2,988.00	3,281.30	3,588.54	3,910.26	4,247.03	4,599.43	4,869.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	1.76%	2.76%	3.76%
Year 1 PV (M)	3,044.56	3,074.48	3,104.39
Year 2 PV (M)	3,089.40	3,150.41	3,212.02
Year 3 PV (M)	3,123.49	3,216.47	3,311.29
Year 4 PV (M)	3,147.73	3,273.29	3,402.57
Year 5 PV (M)	3,162.96	3,321.45	3,486.23
PV of Terminal Value (M)	89,834.29	94,335.70	99,015.78
Equity Value (M)	105,402.42	110,371.80	115,532.29
Shares Outstanding (M)	1,108.13	1,108.13	1,108.13
Fair Value	$95.12	$99.60	$104.26
Upside / Downside	0.37%	5.10%	10.01%

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The Southern Company (SO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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