DDM Analysis: ONEX.TO

Valuation Snapshot

Stable Growth	$22.69 - $30.02	$26.50
Multi-Stage	$67.79 - $75.50	$71.56
Blended Fair Value	$49.03
Current Price	$82.34
Upside	-40.45%
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	-3.86%	3.07%	0.32	0.34	0.36	0.39	0.41	0.39	0.35	0.31	0.28	0.27
YoY Growth	-	-	-4.17%	-7.69%	-7.14%	-3.45%	3.57%	12.00%	13.64%	10.00%	5.26%	11.76%
Dividend Yield	-	-	0.48%	0.45%	0.78%	0.58%	0.65%	1.07%	0.61%	0.43%	0.39%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	434.00
(-) Cash Dividends Paid (M)	21.00
(=) Cash Retained (M)	413.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.80	54.25	32.55
Cash Retained (M)	413.00	413.00	413.00
(-) Cash Required (M)	-86.80	-54.25	-32.55
(=) Excess Retained (M)	326.20	358.75	380.45
(/) Shares Outstanding (M)	71.50	71.50	71.50
(=) Excess Retained per Share	4.56	5.02	5.32
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	4.56	5.02	5.32
(=) Adjusted Dividend	4.86	5.31	5.61
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-12.10%	-11.10%	-10.10%
Fair Value	$22.69	$26.50	$30.02
Upside / Downside	-72.45%	-67.81%	-63.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	434.00	385.81	342.98	304.89	271.04	240.95	248.18
Payout Ratio	4.84%	21.87%	38.90%	55.94%	72.97%	90.00%	92.50%
Projected Dividends (M)	21.00	84.38	133.43	170.54	197.77	216.85	229.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	-12.10%	-11.10%	-10.10%
Year 1 PV (M)	78.18	79.07	79.96
Year 2 PV (M)	114.55	117.17	119.82
Year 3 PV (M)	135.67	140.35	145.14
Year 4 PV (M)	145.77	152.52	159.50
Year 5 PV (M)	148.10	156.72	165.73
PV of Terminal Value (M)	4,224.85	4,470.71	4,727.89
Equity Value (M)	4,847.13	5,116.55	5,398.05
Shares Outstanding (M)	71.50	71.50	71.50
Fair Value	$67.79	$71.56	$75.50
Upside / Downside	-17.67%	-13.09%	-8.31%

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Onex Corporation (ONEX.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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