DDM Analysis: TECK

Valuation Snapshot

Stable Growth	$18.46 - $26.78	$22.49
Multi-Stage	$28.36 - $31.15	$29.73
Blended Fair Value	$26.11
Current Price	$61.09
Upside	-57.26%
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	35.87%	-0.08%	1.03	0.53	1.06	0.21	0.21	0.22	0.34	0.69	0.12	0.75
YoY Growth	-	-	93.96%	-50.19%	401.89%	0.00%	-4.50%	-35.47%	-50.00%	493.10%	-84.49%	-27.80%
Dividend Yield	-	-	1.96%	0.85%	2.15%	0.42%	0.88%	2.08%	1.09%	2.09%	0.40%	7.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,256.00
(-) Cash Dividends Paid (M)	248.00
(=) Cash Retained (M)	1,008.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	251.20	157.00	94.20
Cash Retained (M)	1,008.00	1,008.00	1,008.00
(-) Cash Required (M)	-251.20	-157.00	-94.20
(=) Excess Retained (M)	756.80	851.00	913.80
(/) Shares Outstanding (M)	501.08	501.08	501.08
(=) Excess Retained per Share	1.51	1.70	1.82
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	1.51	1.70	1.82
(=) Adjusted Dividend	2.01	2.19	2.32
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-1.47%	-0.47%	0.53%
Fair Value	$18.46	$22.49	$26.78
Upside / Downside	-69.79%	-63.18%	-56.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,256.00	1,250.09	1,244.20	1,238.34	1,232.51	1,226.71	1,263.51
Payout Ratio	19.75%	33.80%	47.85%	61.90%	75.95%	90.00%	92.50%
Projected Dividends (M)	248.00	422.48	595.31	766.51	936.08	1,104.04	1,168.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-1.47%	-0.47%	0.53%
Year 1 PV (M)	382.88	386.77	390.65
Year 2 PV (M)	488.94	498.92	508.99
Year 3 PV (M)	570.54	588.09	605.99
Year 4 PV (M)	631.44	657.47	684.30
Year 5 PV (M)	674.93	709.89	746.27
PV of Terminal Value (M)	11,460.73	12,054.24	12,672.10
Equity Value (M)	14,209.47	14,895.37	15,608.30
Shares Outstanding (M)	501.08	501.08	501.08
Fair Value	$28.36	$29.73	$31.15
Upside / Downside	-53.58%	-51.34%	-49.01%

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Teck Resources Limited (TECK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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