DDM Analysis: DOL.TO

Valuation Snapshot

Stable Growth	$761.58 - $897.26	$840.87
Multi-Stage	$214.42 - $235.15	$224.59
Blended Fair Value	$532.73
Current Price	$189.38
Upside	181.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.42%	8.80%	0.35	0.27	0.23	0.22	0.20	0.19	0.18	0.17	0.17	0.16
YoY Growth	-	-	27.73%	20.89%	4.15%	10.40%	1.16%	5.55%	4.83%	4.25%	4.03%	7.84%
Dividend Yield	-	-	0.20%	0.24%	0.26%	0.30%	0.34%	0.44%	0.46%	0.36%	0.42%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,262.01
(-) Cash Dividends Paid (M)	106.67
(=) Cash Retained (M)	1,155.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	252.40	157.75	94.65
Cash Retained (M)	1,155.35	1,155.35	1,155.35
(-) Cash Required (M)	-252.40	-157.75	-94.65
(=) Excess Retained (M)	902.95	997.60	1,060.70
(/) Shares Outstanding (M)	279.72	279.72	279.72
(=) Excess Retained per Share	3.23	3.57	3.79
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	3.23	3.57	3.79
(=) Adjusted Dividend	3.61	3.95	4.17
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$761.58	$840.87	$897.26
Upside / Downside	302.14%	344.01%	373.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,262.01	1,344.04	1,431.41	1,524.45	1,623.54	1,729.07	1,780.94
Payout Ratio	8.45%	24.76%	41.07%	57.38%	73.69%	90.00%	92.50%
Projected Dividends (M)	106.67	332.81	587.90	874.74	1,196.39	1,556.16	1,647.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.17%	5.17%	5.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	313.48	316.45	319.42
Year 2 PV (M)	521.59	531.53	541.56
Year 3 PV (M)	731.01	752.00	773.38
Year 4 PV (M)	941.75	977.97	1,015.22
Year 5 PV (M)	1,153.80	1,209.53	1,267.40
PV of Terminal Value (M)	56,315.70	59,035.77	61,859.94
Equity Value (M)	59,977.34	62,823.25	65,776.92
Shares Outstanding (M)	279.72	279.72	279.72
Fair Value	$214.42	$224.59	$235.15
Upside / Downside	13.22%	18.59%	24.17%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
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Dollarama Inc. (DOL.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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