DDM Analysis: MI-UN.TO

Valuation Snapshot

Stable Growth	$88.03 - $334.90	$255.35
Multi-Stage	$41.59 - $45.50	$43.51
Blended Fair Value	$149.43
Current Price	$13.78
Upside	984.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.07%	0.00%	0.45	0.44	0.43	0.38	0.36	0.22	0.11	0.45	0.00	0.09
YoY Growth	-	-	3.06%	2.83%	13.03%	4.44%	61.26%	100.10%	-74.98%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	3.33%	2.75%	2.88%	1.75%	1.66%	1.15%	0.55%	2.83%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.46
(-) Cash Dividends Paid (M)	26.60
(=) Cash Retained (M)	48.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.09	9.43	5.66
Cash Retained (M)	48.86	48.86	48.86
(-) Cash Required (M)	-15.09	-9.43	-5.66
(=) Excess Retained (M)	33.77	39.43	43.20
(/) Shares Outstanding (M)	44.81	44.81	44.81
(=) Excess Retained per Share	0.75	0.88	0.96
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.75	0.88	0.96
(=) Adjusted Dividend	1.35	1.47	1.56
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.03	$255.35	$334.90
Upside / Downside	538.82%	1,753.07%	2,330.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.46	80.37	85.59	91.16	97.08	103.39	106.49
Payout Ratio	35.25%	46.20%	57.15%	68.10%	79.05%	90.00%	92.50%
Projected Dividends (M)	26.60	37.13	48.92	62.08	76.74	93.05	98.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.34	34.66	34.99
Year 2 PV (M)	41.84	42.63	43.44
Year 3 PV (M)	49.10	50.51	51.95
Year 4 PV (M)	56.14	58.30	60.52
Year 5 PV (M)	62.95	65.99	69.15
PV of Terminal Value (M)	1,619.64	1,697.87	1,779.09
Equity Value (M)	1,864.01	1,949.97	2,039.13
Shares Outstanding (M)	44.81	44.81	44.81
Fair Value	$41.59	$43.51	$45.50
Upside / Downside	201.85%	215.77%	230.21%

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CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
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%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Minto Apartment Real Estate Investment Trust (MI-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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