DDM Analysis: MTY.TO

Valuation Snapshot

Stable Growth	$112.00 - $327.54	$306.95
Multi-Stage	$46.20 - $50.48	$48.30
Blended Fair Value	$177.63
Current Price	$42.82
Upside	314.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.91%	15.22%	1.14	1.04	0.88	0.39	0.20	0.71	0.62	0.42	0.40	0.33
YoY Growth	-	-	9.85%	18.95%	124.46%	97.30%	-72.28%	15.02%	47.78%	5.56%	21.78%	17.64%
Dividend Yield	-	-	2.57%	2.06%	1.36%	0.76%	0.37%	1.39%	1.05%	0.82%	0.76%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.62
(-) Cash Dividends Paid (M)	28.49
(=) Cash Retained (M)	10.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.72	4.83	2.90
Cash Retained (M)	10.13	10.13	10.13
(-) Cash Required (M)	-7.72	-4.83	-2.90
(=) Excess Retained (M)	2.41	5.31	7.24
(/) Shares Outstanding (M)	23.45	23.45	23.45
(=) Excess Retained per Share	0.10	0.23	0.31
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	0.10	0.23	0.31
(=) Adjusted Dividend	1.32	1.44	1.52
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$112.00	$306.95	$327.54
Upside / Downside	161.56%	616.85%	664.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.62	41.13	43.80	46.65	49.68	52.91	54.50
Payout Ratio	73.76%	77.01%	80.26%	83.50%	86.75%	90.00%	92.50%
Projected Dividends (M)	28.49	31.67	35.15	38.95	43.10	47.62	50.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.39	29.67	29.95
Year 2 PV (M)	30.28	30.85	31.44
Year 3 PV (M)	31.14	32.03	32.94
Year 4 PV (M)	31.97	33.20	34.47
Year 5 PV (M)	32.78	34.37	36.01
PV of Terminal Value (M)	927.65	972.45	1,018.97
Equity Value (M)	1,083.21	1,132.57	1,183.78
Shares Outstanding (M)	23.45	23.45	23.45
Fair Value	$46.20	$48.30	$50.48
Upside / Downside	7.88%	12.80%	17.90%

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MTY Food Group Inc. (MTY.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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