1. As you may have noticed, remote work or work at home (or school at home) has suddenly become much more frequent! This discussion forum is designed to get you to use what we know about the nature of job satisfaction to think about the possible effects of remote work on employee job satisfaction and ways to manage the new world of remote work. Job Satisfaction is the emotional state resulting from the appraisal of one's job and job experiences. It is composed appraisals of 5 distinct facets of work. Job characteristics theory explains the factors that contribute to satisfaction with the work itself. Based on this understanding of job satisfaction, do you think working remotely will decrease employees' levels of job satisfaction, on average? What actions or policies and practices should managers and companies implement to maintain or improve employee job satisfaction in the context of remote working? 2. Which of the five competitive forces that shape strategy has the greatest influence on your project company? Explain how? 7 Duke Energy Warren Salvodon Ashford University BUS401 September 10, 2021 Part 1: Dividend Analysis Date Name Price Dividend Yield Annual growth rate 05/05/2021 Duke Energy Corp 100.54 3.82 - 2% 05/06/2020 Duke Energy Corp 80.31 3.75 - 3% 05/01/2019 Duke Energy Corp 89.81 3.64 - 4% 05/02/2018 Duke Energy Corp 79.76 3.49 - 4% 05/03/2017 Duke Energy Corp 82.59 3.36 - 4% 05/04/2016 Duke Energy Corp 80.18 3.24 4.54 3% 05/06/2015 Duke Energy Corp 76.81 3.15 3.77 2% 04/30/2014 Duke Energy Corp 74.58 3.09 4.48 1% 05/01/2013 Duke Energy Corp 74.78 3.03 4.75 4% 05/02/2012 Duke Energy Corp 64.20 2.97 4.50 3% 05/04/2011 Duke Energy Corp 56.16 2.91 5.45 3% The Most Recent 10, 5 and 3 Years Date Annual growth rate 05/05/2021 2% 05/06/2020 3% 05/01/2019 4% 05/02/2018 4% 05/03/2017 4% 05/04/2016 3% 05/06/2015 2% 04/30/2014 1% 05/01/2013 4% 05/04/2011 3% Period of Years Average dividend growth rate 10 yrs 3% 5 yrs 3.4% 3 yrs 3% Summary of the Dividend Growth The average dividend growth for the company has remained constant at 3% in both periods. However, the average growth over the last five years had a slight increase of 0.4% compared to other periods (Insider, 2021). During the previous ten years, the company’s average growth was impacted by the constant dividends it paid. It continuously inclined from 1% to 4%. Over the last five recent years, the average increased as it stagnated at 4% in about three consecutive years (Thakur, 2021). However, over the previous three recent years, the average dividend growth declined with the decline of dividends it paid during the period of years.   Distinct Estimates of the Future Dividend Growth Rate            Based on the Low-End Growth Rate and its dividend growth rate, the company has reached its minimum, and the only way is forward. It is likely to increase its dividend growth to 3%, and after another, it may jump to 4% when High-End Growth Rate is the concern. Howeve ...

1. 1. As you may have noticed, remote work or work at home (or
school at home) has suddenly become much more frequent! This
discussion forum is designed to get you to use what we know
about the nature of job satisfaction to think about the possible
effects of remote work on employee job satisfaction and ways to
manage the new world of remote work.
Job Satisfaction is the emotional state resulting from the
appraisal of one's job and job experiences. It is composed
appraisals of 5 distinct facets of work. Job characteristics
theory explains the factors that contribute to satisfaction with
the work itself. Based on this understanding of job satisfaction,
do you think working remotely will decrease employees' levels
of job satisfaction, on average? What actions or policies and
practices should managers and companies implement to
maintain or improve employee job satisfaction in the context of
remote working?
2. Which of the five competitive forces that shape strategy has
the greatest influence on your project company? Explain how?
7
Duke Energy
Warren Salvodon
Ashford University
BUS401
September 10, 2021

2. Part 1: Dividend Analysis
Date
Name
Price
Dividend
Yield
Annual growth rate
05/05/2021
Duke Energy Corp
100.54
3.82
-
2%
05/06/2020
Duke Energy Corp
80.31
3.75
-
3%
05/01/2019
Duke Energy Corp
89.81
3.64
-

3. 4%
05/02/2018
Duke Energy Corp
79.76
3.49
-
4%
05/03/2017
Duke Energy Corp
82.59
3.36
-
4%
05/04/2016
Duke Energy Corp
80.18
3.24
4.54
3%
05/06/2015
Duke Energy Corp
76.81
3.15
3.77
2%
04/30/2014
Duke Energy Corp
74.58
3.09
4.48
1%
05/01/2013
Duke Energy Corp
74.78
3.03
4.75

4. 4%
05/02/2012
Duke Energy Corp
64.20
2.97
4.50
3%
05/04/2011
Duke Energy Corp
56.16
2.91
5.45
3%
The Most Recent 10, 5 and 3 Years
Date
Annual growth rate
05/05/2021
2%
05/06/2020
3%
05/01/2019
4%
05/02/2018
4%
05/03/2017
4%
05/04/2016
3%
05/06/2015
2%
04/30/2014
1%
05/01/2013
4%

5. 05/04/2011
3%
Period of Years
Average dividend growth rate
10 yrs
3%
5 yrs
3.4%
3 yrs
3%
Summary of the Dividend Growth
The average dividend growth for the company has remained
constant at 3% in both periods. However, the average growth
over the last five years had a slight increase of 0.4% compared
to other periods (Insider, 2021). During the previous ten years,
the company’s average growth was impacted by the constant
dividends it paid. It continuously inclined from 1% to 4%. Over
the last five recent years, the average increased as it stagnated
at 4% in about three consecutive years (Thakur, 2021).
However, over the previous three recent years, the average
dividend growth declined with the decline of dividends it paid
during the period of years.
Distinct Estimates of the Future Dividend Growth Rate
Based on the Low-End Growth Rate and its dividend
growth rate, the company has reached its minimum, and the only
way is forward. It is likely to increase its dividend growth to
3%, and after another, it may jump to 4% when High-End
Growth Rate is the concern. However, in the High-End Growth
Rate, the company is more likely to experience an inconstant
dividend growth rate in the long term. Over the last ten recent
years, it has shown the potential of constant incline and decline
over the period. The pattern is more likely to repeat itself over
the next ten years to come.

6. Based on its ROA, the company has been stable in
making a profit from its assets, but the values have varied over
the year, that is, 1.8, 2.25, and 0.66 in 2018, 2019, and 2020,
respectively. Likewise, it has had variance over the recent years
in its ROI, that is, 2.76, 3.48, and 1.03 in 2018, 2019, and 2020,
respectively. As such, this indicates how the dividends paid to
its shareholders will continue varying with the financial ratios.
Part 2: Preliminary Valuation
Low-End Growth Rate
The constant growth rate is calculated as P = D/(r-g) where P is
the current dividend price while D is the next dividend price it
is anticipated to pay it shareholders. Also, r is referred to the
required return rate for the entity while g is the anticipated
growth rate in dividend. As such, the company’s stock price
will be calculated as;
Price = D(1+g) / (r - g)
The Duke’s dividend growth is, that is, the low-end dividend
growth rate based on the above calculation (g) is 3%. The
company’s most recent annual dividend (D) is $3.82 per share.
Taking a large capitalization discount rate (r) of 10%;
Price = $3.82(1 + 0.03) / (0.1 – 0.03)
Price = 3.93 / 0.07
Price = $56.14
For a mid-cap company;
D = $3.82
r = 12.0%
g = 3%
Price = $3.82(1 + 0.03) / (0.12 – 0.03)
Price = 3.93 / 0.09
Price = $43.67
For a small-cap company;
D = $3.82
r = 15%
g = 3%

7. Price = 3.93 / 0.12
Price = $32.75
High-End Growth Rate
Similar to the first step above, the high-end growth rate
will be calculated the same only that g will be considered as
4%. This is the Home Depot’s high-end dividend growth rate in
the first calculation. For a larger capitalization company with
10%, the stock price will be calculated as;
D = $3.82
r = 10%
g = 4%
Price = D(1+g) / (r - g)
Price = 3.82 (1 + 0.04) / (0.1 – 0.04)
Price = 3.97 / 0.06
Price = $66.17
Under the low-end dividend growth rate, the stock price per
share is $56.15, while under the high-end dividend growth rate,
the stock price is estimated at $66.17. On the other hand, the
current stock market for the company is $103.81. The
company's current stock price is more excellent by almost twice
its stock prices in both low-end dividend and high-end dividend
growth rates. Based on the analysis, the concluded value for
Duke Energy is $66.17 per share. The conclusion utilizes 15%
as the dividend growth rate according to its strong interest
coverage ratio and inclining revenues. However, according to
the information above, the constant growth rate seems to be
lower than the company's current market price of $103.81. As
such, the stock can be considered or stated as overvalued on the
market.

8. References
Insider. (2021). Markets Insider: Duke Energy Corp. Retrieved
from;
https://markets.businessinsider.com/stocks/duk-stock
Thakur M., Vaidya D. (2021). Dividend Growth Rate: What is
Dividend Growth Rate? Retrieved from;
https://www.wallstreetmojo.com/dividend-growth-rate/
Duke Energy Corporation (NYS: DUK)
Income Statement
Fiscal year is January-December. All values USD Millions
Currency
Audit Status
Consolidated

9. Sales/Revenue
Sales Growth
Cost of Goods Sold
COGS excluding D&A
Depreciation & Amortization Expense
Depreciation
Amortization of Intangibles
COGS Growth
Gross Income
Gross Incme Growth
Gross Profit Margin
Other Operating Expense
EBIT
Unusual Expense
Non Opertaing Expense/Income
Non Operating Interest Income
Equity in Affiliates
Interest Expense

10. Interest Expense Growth
Gross Interest Expense
Interest Capitalized
Pretax Income
Pretax Income Growth
Pretax Margin
Income Tax
Income Tax-Current Domestic
Income Tax-Current Foreign
Income Tax-Deferred Domestic
Income Tax Credits
Consolidated Net Income
Minority Interest Expense
Net Income
Net Income Growth
Net Margin
Extraordinaries & Discountinued Operations
Extra Items & Gain/Loss Sales of Assets

11. Discontinued Operations
Net Income After Extrapordinaries
Preferred Dividends
Net Income Available to Common
Basic EPS
EPS Growth
Basic Shares Outstanding
Diluted EPS
EPS Growth
Diluted Shares Outstanding
EBITDA
EBITDA Growth
EBITDA Margin
EBIT
Balance Sheet Statement
Fiscal year is January-December. All values USD Millions
12/31/2020
Total Assets 162387

12. Total Liabilities Net Minority Interest 113203
Total Equity Gross Minority Interest 49183
Total Capitalization 103588
Preferred Stock Equity 1961
Common Stock Equity 46001
Capital Lease Obligations 1341
Net Tangible Assets 28660
Working Capital -7622
Invested Capital 108738
Tangible Book Value 26698
Total Debt 64075
Net Debt 62476
Share Issued 768
Ordinary Shares Number 768
Preferred Shares Number 40000
Statement of Cash Flows
Fiscal year is January-December. All values USD Millions
Operating Activities

13. Net Income before Extraordinaries
Net Income Growth
Depreciation Amortization & Depletion
Depletion & Depreciation
Amortization of Intangible Assets
Deferred Taxes & Investment Tax Credit
Deferred Taxes
Other Funds
Funds from Operations
Changes in Working Capital
Receivables
Inventories
Account Payable
Other Accruals
Other Assets/Liabilities
Net Operating Cash Flow
Net Operating Cash Flows Growth

14. Net Operating Cash Flow/Sales
Investting Activities
Capital Expenditures
Capital Expenditures (Fixed Assets)
Capital Expenditures Growth
Capital Expenditures / Sales
Net Assets from Acquisitions
Sale of Fixed Assets & Businesses
Purchase/Sale of Investments
Purchase of Investments
Sale/Maturity of Investments
Net Investing Cash Flow
Net Investing Flow/Sales
Financial Activities
Total Cash Dividends Paid
Common Dividends
Change in Capital Stock
Sales of Common & Preferred Stock

15. Proceeds from Stock Options
Net Issuance/Reduction of Debt
Change in Current Debt
Change in Long-Term Debt
Issuance of Long-term Debt
Reduction in Long-Term Debt
Net Financing Cash Flow
Net Financing Cash Flow Growth
Net Financing Cash Flow / Sales
12/31/2020 12/31/2019 12/31/2018
USD USD USD
Not Qualified Not Qualified Not Qualified
Yes Yes Yes
Millions Millions Millions
100.00% 100.00% 100.00%
71.24% 71.24% 71.24%
51.53% 51.53% 51.53%

16. 19.71% 19.71% 19.71%
NM NM NM
NM NM NM
0.00% 0.00% 0.00%
28.75% 28.75% 28.75%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
5.60% 5.60% 5.60%
23.15% 23.15% 23.15%
4.12% 4.12% 4.12%
1.80% 1.80% 1.80%
0.13% 0.13% 0.13%
8.40% 8.40% 8.40%
9.05% 9.05% 9.05%
0.00% 0.00% 0.00%
9.05% 9.05% 9.05%
NM NM NM
3.51% 3.51% 3.51%

17. 0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
-0.98% -0.98% -0.98%
-1.21% -1.21% -1.21%
0.00% 0.00% 0.00%
0.26% 0.26% 0.26%
0.04% 0.04% 0.04%
4.50% 4.50% 4.50%
-1.23% -1.23% -1.23%
5.74% 5.74% 5.74%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.03% 0.03% 0.03%
NM NM NM
0.03% 0.03% 0.03%
5.71% 5.71% 5.71%
0.44% 0.44% 0.44%

18. 5.32% 5.32% 5.32%
0.01% 0.01% 0.01%
0.00% 0.00% 0.00%
3.08% 3.08% 3.08%
0.01% 0.01% 0.01%
-0.28% -0.28% -0.28%
3.09% 3.09% 3.09%
42.86% 42.86% 42.86%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
23.15% 23.15% 23.15%
12/31/2020 12/31/2019 12/31/2018
USD USD USD
Not Qualified Not Qualified Not Qualified
Yes Yes Yes
Millions Millions Millions
100.00% 100.00% 100.00%
69.71% 69.81% 69.85%

19. 30.29% 30.19% 30.15%
63.79% 63.48% 65.07%
1.21% 1.23% NM
28.33% 28.24% 30.14%
0.83% 1.51% 0.23%
17.65% 17.32% 16.86%
-4.69% -3.52% -3.66%
66.96% 66.20% 69.76%
16.44% 16.09% 16.86%
39.46% 39.47% 39.85%
38.47% 37.76% 39.32%
0.47% 0.46% 0.50%
0.47% 0.46% 0.50%
24.63% 0.03% NM
Duke Energy Financial Ratios for Analysis 2018-2020 | DUK
Fiscal year is January-December. All values USD Millions
12/31/2020

20. Currency USD
Audit Status Not Qualified
Consolidated Yes
Current Ratio 0.5324
Long-term Debt/Capital 0.5307
Debt.Equity Ratio 1.2754
Gross Margin 72.7207
Operating Margin 19.0757
EBIT Margin 19.0757
EBITDA Margin 42.0604
Pre-Tax Profit Margin 3.5151
Net Profit Margin 5.3208
Asset Turnover 0.1469
Inventory Turnover Ratio 2.0558
Receiveable Turnover 7.5698
Days Sales In Receivables 48.217
Return On Equity 2.2764
Return On Tangible Equity 3.5975

21. Retrun On Assets 0.6619
Return On Investment 1.0256
Book Value Per Share 63.9583
Operating Cash Flow Per Share 0.7393
Free Cash Flow Per Share 2.5717
12/31/2019 12/31/2018
USD USD
Not Qualified Not Qualified
Yes Yes
0.621 0.6771
0.5241 0.5401
1.2776 1.3217
70.2818 69.2997
22.764 19.106
22.764 19.106
43.4028 38.2569
16.3363 12.532

22. 14.7812 12.981
0.1578 0.1686
2.3059 2.441
8.1957 7.8241
44.5352 46.6501
7.78 5.9884
12.4894 10.7007
2.2525 1.8054
3.4758 2.7643
65.4174 60.2943
1.1108 0.6867
-0.8842 -1.0715
Duke Energy Corporation (DUK)
* all results are stated in US
Dollars
Target Country (United States)

23. Peer Grouping
NAIC
Country
Company Name
ROA %
(Net)
latest
ROE %
(Net)
latest
Gross
Margin
%
latest
Net Profit
Margin %
latest
Quick

24. Ratio
latest
Current
Ratio
latest
Duke Energy 1% 2% 72.72% 5.32% 0.34 0.53
CenterPoint Energy -1.77% -9.87% 76.48% -12.79% NM 0.61
Public Sevice Enterprise Group 3.90% 12.20% 99.70% 19.80%
0.41 0.66
PG&E -1.33% -6.14% 78.89% -7.14% 0.17 0.71
Southern Company 2.60% 9.80% 32.10% 15.40% 0.22 0.71
PPL Corporation 3.05% 10.98% 83.36% 19.31% 1.37 0.0046
American Electric Power 2.72% 10.57% 70.71% 14.75% 0.31
0.44
Xcel Energy 2.73% 10.11% 63.23% 12.78% 0.65 0.77
Average 2% 5% 72% 8.43% 50% 55%
LT Debt to
Equity latest

25. Total Debt to
Equity latest
Interest
Coverage
latest
Total
Asset
Turnover
latest
Inventory
Turnover
latest
0.53 1.28 1.39 0.5 2.06
0.58 1.61 -0.73 0.22 3.49
0.68 0.0213 0.0484 0.05 0.018
0.64 0.0192 0.25 0.19 0.0621
0.74 0.028 0.0292 0.16 0.043
0.62 0.0185 0.0297 0.16 0.0351

26. 0.58 0.0162 2.92 0.18 0.0334
0.57 0.0142 0.0284 0.21 0.0792
62% 38% 50% 21% 73%
Duke Energy Corporation (NYS: DUK)
Income Statement
Fiscal year is January-December. All values USD Millions
12/31/2020
Currency USD
Audit Status Not Qualified
Consolidated Yes
Millions
Sales/Revenue 23868
Sales Growth -4.84%
Cost of Goods Sold 17003
COGS excluding D&A 12298
Depreciation & Amortization Expense 4704
Depreciation Nill

27. Amortization of Intangibles Nill
COGS Growth -5.80%
Gross Income 6863
Gross Incme Growth -2.32%
Gross Profit Margin 28.75%
Other Operating Expense 1336
EBIT 5526
Unusual Expense 983
Non Opertaing Expense/Income 430
Non Operating Interest Income 31
Equity in Affiliates 2004
Interest Expense 2161
Interest Expense Growth -1.90%
Gross Interest Expense 2161
Interest Capitalized Nill
Pretax Income 838
Pretax Income Growth -79.51%
Pretax Margin 3.52%

28. Income Tax -235
Income Tax-Current Domestic -289
Income Tax-Current Foreign 1
Income Tax-Deferred Domestic 62
Income Tax Credits 9
Consolidated Net Income 1074
Minority Interest Expense -294
Net Income 1369
Net Income Growth -63.51%
Net Margin 5.74%
Extraordinaries & Discountinued Operations 6
Extra Items & Gain/Loss Sales of Assets Nill
Discontinued Operations 6
Net Income After Extrapordinaries 1362
Preferred Dividends 106
Net Income Available to Common 1269
Basic EPS 1.71

29. EPS Growth -66.15%
Basic Shares Outstanding 736
Diluted EPS 1.72
EPS Growth -66.15
Diluted Shares Outstanding 737
EBITDA 10231
EBITDA Growth -0.36%
EBITDA Margin 42.86%
EBIT 5526
Balance Sheet Statement
Fiscal year is January-December. All values USD Millions
12/31/2020 12/31/2019
Total Assets 162387 158837
Total Liabilities Net Minority Interest 113203 110886
Total Equity Gross Minority Interest 49183 47950
Total Capitalization 103588 100837
Preferred Stock Equity 1961 1961
Common Stock Equity 46001 44861
Capital Lease Obligations 1341 2402

30. Net Tangible Assets 28660 27518
Working Capital -7622 -5589
Invested Capital 108738 105151
Tangible Book Value 26698 25556
Total Debt 64075 62692
Net Debt 62476 59980
Share Issued 768 732
Ordinary Shares Number 768 732
Preferred Shares Number 40000 40
Statement of Cash Flows
Fiscal year is January-December. All values USD Millions
12/31/2020
Operating Activities
Net Income before Extraordinaries 1081
Net Income Growth -69.68%
Depreciation Amortization & Depletion 4704
Depletion & Depreciation Nill

31. Amortization of Intangible Assets Nill
Deferred Taxes & Investment Tax Credit 53
Deferred Taxes 53
Other Funds 3678
Funds from Operations 9519
Changes in Working Capital -530
Receivables -55
Inventories 65
Account Payable -20
Other Accruals 116
Other Assets/Liabilities -636
Net Operating Cash Flow 8988
Net Operating Cash Flows Growth 9.50%
Net Operating Cash Flow/Sales 37.65%
Investting Activities
Capital Expenditures -9,906
Capital Expenditures (Fixed Assets) -9906
Capital Expenditures Growth 10.92%

32. Capital Expenditures / Sales -41.50%
Net Assets from Acquisitions Nill
Sale of Fixed Assets & Businesses 425
Purchase/Sale of Investments -431
Purchase of Investments -8380
Sale/Maturity of Investments 7948
Net Investing Cash Flow 7.23%
Net Investing Flow/Sales -43.10%
Financial Activities
Total Cash Dividends Paid -2811
Common Dividends -2811
Change in Capital Stock 2744
Sales of Common & Preferred Stock 2744
Proceeds from Stock Options 2744
Net Issuance/Reduction of Debt 1504
Change in Current Debt -318
Change in Long-Term Debt 1823
Issuance of Long-term Debt 6329

33. Reduction in Long-Term Debt -4505
Net Financing Cash Flow 1304
Net Financing Cash Flow Growth -54.80%
Net Financing Cash Flow / Sales 5.46%
12/31/2019 12/31/2018
USD USD
Not Qualified Not Qualified
Yes Yes
Millions Millions
25078 24522
2.28% 4.06
18050 17792
13502 13718
4547 4073
Nill Nill
Nill Nill
1.45% 8.88%

34. 7027 6727
4.45% -6.84
Nill Nill
1306 1279
5720 5447
7 672
394 288
30 19
161 82
2203 2093
5.24% 5.43%
2203 2093
Nill Nill
4096 3072
33.31% -27.98%
Nill Nill
518 447
-288 -657

35. 2 3
816 1112
10 9
3577 2624
-176 -21
3754 2646
41.86% -13.64%
Nill Nill
-6 19
Nill Nill
-6 19
3761 2627
40 Nill
3706 2665
5.08 3.76
35.03% -13.82%
728 707

36. 5.08 3.76
35.03 -13.82
728 707
10268 9521
7.84% 0.05%
Nill Nill
5720 5447
12/31/2018
145391
101557
43833
94604
Nill
43816
336
24513
-5327
101420

37. 24513
57938
57161
726
726
Nill
12/31/2019 12/31/2018
3570 2643
35.05% -13.71%
4547 4073
Nill Nill
Nill Nill
805 1078
805 1078
333 551
9081 8348
-872 -1162

38. -77 -344
-121 155
-164 479
-223 23
-440 -1475
8208 7185
14.23% 8.47%
32.72% 29.30%
-11,121 -9,388
-11121 -9388
-18.45% -16.60%
-44.34% -3828%
Nill Nill
842 40
328 430
3671 4177
3342 3746
-10% -19.17%

39. -44.31% -41.02%
-2667 -2470
-2667 -2470
2345 1837
2345 1837
2345 1837
3234 3563
-380 1170
3614 2392
7090 5298
-3475 -2905
2886 2960
-2.46% 66.11%
11.50% 12.06%