DDM Analysis: CEU.TO

Valuation Snapshot

Stable Growth	$37.50 - $155.84	$95.62
Multi-Stage	$18.39 - $20.12	$19.24
Blended Fair Value	$57.43
Current Price	$9.39
Upside	511.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.00%	-7.90%	0.12	0.10	0.07	0.02	0.02	0.07	0.05	0.04	0.06	0.32
YoY Growth	-	-	19.32%	37.94%	300.44%	-4.45%	-73.24%	32.37%	51.21%	-43.27%	-80.44%	17.32%
Dividend Yield	-	-	1.60%	2.05%	2.68%	0.75%	1.17%	8.66%	1.83%	0.62%	0.85%	9.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.28
(-) Cash Dividends Paid (M)	32.53
(=) Cash Retained (M)	145.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.66	22.29	13.37
Cash Retained (M)	145.75	145.75	145.75
(-) Cash Required (M)	-35.66	-22.29	-13.37
(=) Excess Retained (M)	110.10	123.47	132.38
(/) Shares Outstanding (M)	227.51	227.51	227.51
(=) Excess Retained per Share	0.48	0.54	0.58
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.48	0.54	0.58
(=) Adjusted Dividend	0.63	0.69	0.72
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.50	$95.62	$155.84
Upside / Downside	299.35%	918.29%	1,559.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.28	189.87	202.21	215.35	229.35	244.26	251.59
Payout Ratio	18.25%	32.60%	46.95%	61.30%	75.65%	90.00%	92.50%
Projected Dividends (M)	32.53	61.89	94.93	132.01	173.50	219.83	232.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.16	57.70	58.24
Year 2 PV (M)	80.97	82.51	84.07
Year 3 PV (M)	103.98	106.96	110.01
Year 4 PV (M)	126.21	131.07	136.06
Year 5 PV (M)	147.69	154.82	162.23
PV of Terminal Value (M)	3,666.86	3,843.97	4,027.86
Equity Value (M)	4,182.86	4,377.03	4,578.46
Shares Outstanding (M)	227.51	227.51	227.51
Fair Value	$18.39	$19.24	$20.12
Upside / Downside	95.80%	104.89%	114.32%

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CES Energy Solutions Corp. (CEU.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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