DDM Analysis: SII

Valuation Snapshot

Stable Growth	$128.24 - $491.75	$367.32
Multi-Stage	$62.13 - $67.90	$64.96
Blended Fair Value	$216.14
Current Price	$83.19
Upside	159.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.50%	0.56%	1.33	1.68	1.27	1.26	1.14	1.12	1.06	1.13	1.09	1.05
YoY Growth	-	-	-20.73%	32.84%	0.86%	10.68%	1.02%	6.48%	-6.90%	4.29%	3.07%	-16.43%
Dividend Yield	-	-	2.97%	4.53%	3.48%	2.50%	2.99%	4.94%	3.50%	3.60%	4.89%	4.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.30
(-) Cash Dividends Paid (M)	30.88
(=) Cash Retained (M)	19.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.06	6.29	3.77
Cash Retained (M)	19.41	19.41	19.41
(-) Cash Required (M)	-10.06	-6.29	-3.77
(=) Excess Retained (M)	9.36	13.13	15.64
(/) Shares Outstanding (M)	20.34	20.34	20.34
(=) Excess Retained per Share	0.46	0.65	0.77
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	0.46	0.65	0.77
(=) Adjusted Dividend	1.98	2.16	2.29
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$128.24	$367.32	$491.75
Upside / Downside	54.16%	341.54%	491.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.30	53.57	57.05	60.76	64.71	68.91	70.98
Payout Ratio	61.40%	67.12%	72.84%	78.56%	84.28%	90.00%	92.50%
Projected Dividends (M)	30.88	35.95	41.55	47.73	54.53	62.02	65.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.25	33.56	33.88
Year 2 PV (M)	35.53	36.21	36.89
Year 3 PV (M)	37.74	38.82	39.93
Year 4 PV (M)	39.87	41.41	42.98
Year 5 PV (M)	41.93	43.96	46.06
PV of Terminal Value (M)	1,075.51	1,127.46	1,181.39
Equity Value (M)	1,263.83	1,321.42	1,381.13
Shares Outstanding (M)	20.34	20.34	20.34
Fair Value	$62.13	$64.96	$67.90
Upside / Downside	-25.31%	-21.91%	-18.38%

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Sprott Inc. (SII)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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