DDM Analysis: CGI.L

Valuation Snapshot

Stable Growth	$205.02 - $344.52	$266.15
Multi-Stage	$225.07 - $246.59	$235.63
Blended Fair Value	$250.89
Current Price	$38.94
Upside	544.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.56%	2.85%	1.00	0.96	0.92	0.88	0.84	0.80	0.76	0.76	0.76	0.76
YoY Growth	-	-	4.17%	4.33%	4.55%	4.77%	5.00%	5.26%	0.00%	-0.01%	0.00%	0.66%
Dividend Yield	-	-	2.46%	2.76%	2.74%	1.99%	2.41%	3.10%	3.57%	3.20%	3.97%	4.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	348.90
(-) Cash Dividends Paid (M)	42.14
(=) Cash Retained (M)	306.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	69.78	43.61	26.17
Cash Retained (M)	306.76	306.76	306.76
(-) Cash Required (M)	-69.78	-43.61	-26.17
(=) Excess Retained (M)	236.98	263.15	280.59
(/) Shares Outstanding (M)	20.84	20.84	20.84
(=) Excess Retained per Share	11.37	12.63	13.46
LTM Dividend per Share	2.02	2.02	2.02
(+) Excess Retained per Share	11.37	12.63	13.46
(=) Adjusted Dividend	13.39	14.65	15.49
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	2.56%	3.56%	4.56%
Fair Value	$205.02	$266.15	$344.52
Upside / Downside	426.51%	583.50%	784.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	348.90	361.34	374.22	387.56	401.38	415.68	428.16
Payout Ratio	12.08%	27.66%	43.25%	58.83%	74.42%	90.00%	92.50%
Projected Dividends (M)	42.14	99.96	161.84	228.01	298.69	374.12	396.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	2.56%	3.56%	4.56%
Year 1 PV (M)	90.60	91.48	92.36
Year 2 PV (M)	132.95	135.56	138.19
Year 3 PV (M)	169.77	174.78	179.90
Year 4 PV (M)	201.57	209.55	217.76
Year 5 PV (M)	228.84	240.22	252.04
PV of Terminal Value (M)	3,866.80	4,059.01	4,258.80
Equity Value (M)	4,690.53	4,910.60	5,139.05
Shares Outstanding (M)	20.84	20.84	20.84
Fair Value	$225.07	$235.63	$246.59
Upside / Downside	477.98%	505.10%	533.25%

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Canadian General Investments, Limited (CGI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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