DDM Analysis: GWO-PN.TO

Valuation Snapshot

Stable Growth	$72.65 - $141.07	$99.85
Multi-Stage	$75.99 - $83.07	$79.47
Blended Fair Value	$89.66
Current Price	$17.75
Upside	405.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.82%	5.36%	2.22	2.08	1.96	1.80	1.74	1.67	1.65	1.56	1.47	1.39
YoY Growth	-	-	6.81%	6.08%	8.88%	3.14%	4.30%	1.37%	5.85%	6.14%	5.47%	5.70%
Dividend Yield	-	-	13.77%	14.47%	16.09%	11.05%	11.57%	18.71%	11.14%	8.36%	9.17%	10.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,172.00
(-) Cash Dividends Paid (M)	2,215.00
(=) Cash Retained (M)	1,957.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	834.40	521.50	312.90
Cash Retained (M)	1,957.00	1,957.00	1,957.00
(-) Cash Required (M)	-834.40	-521.50	-312.90
(=) Excess Retained (M)	1,122.60	1,435.50	1,644.10
(/) Shares Outstanding (M)	933.08	933.08	933.08
(=) Excess Retained per Share	1.20	1.54	1.76
LTM Dividend per Share	2.37	2.37	2.37
(+) Excess Retained per Share	1.20	1.54	1.76
(=) Adjusted Dividend	3.58	3.91	4.14
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.36%	4.36%	5.36%
Fair Value	$72.65	$99.85	$141.07
Upside / Downside	309.30%	462.55%	694.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,172.00	4,353.70	4,543.32	4,741.19	4,947.68	5,163.16	5,318.06
Payout Ratio	53.09%	60.47%	67.86%	75.24%	82.62%	90.00%	92.50%
Projected Dividends (M)	2,215.00	2,632.84	3,082.88	3,567.12	4,087.69	4,646.85	4,919.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.36%	4.36%	5.36%
Year 1 PV (M)	2,404.57	2,427.83	2,451.10
Year 2 PV (M)	2,571.47	2,621.47	2,671.95
Year 3 PV (M)	2,717.41	2,797.05	2,878.24
Year 4 PV (M)	2,844.00	2,955.67	3,070.60
Year 5 PV (M)	2,952.71	3,098.35	3,249.67
PV of Terminal Value (M)	57,416.60	60,248.50	63,191.06
Equity Value (M)	70,906.76	74,148.88	77,512.62
Shares Outstanding (M)	933.08	933.08	933.08
Fair Value	$75.99	$79.47	$83.07
Upside / Downside	328.13%	347.70%	368.01%

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600288.SS	Daheng New Epoch Technology Inc.	0.06%	$0.01	8.37%
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600615.SS	Chongqing Fenghwa Group Co., Ltd.	0.06%	$0.01	15.34%
600654.SS	China Security Co., Ltd.	0.06%	$0.00	3.19%
603068.SS	Beken Corporation	0.06%	$0.02	19.57%
603328.SS	Guangdong Ellington Electronics Technology Co.,Ltd	0.06%	$0.01	1.50%
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688696.SS	Chengdu Xgimi Technology Co.,Ltd.	0.06%	$0.07	1.87%
AAIF.L	abrdn Asian Income Fund Limited	0.06%	$0.16	36.85%
AKSGY.IS	Akis Gayrimenkul Yatirim Ortakligi A.S.	0.06%	$0.00	0.27%
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BRIG.L	BlackRock Income and Growth Investment Trust plc	0.06%	$0.14	68.68%
BWY.L	Bellway p.l.c.	0.06%	$1.69	70.03%
CAPD.L	Capital Limited	0.06%	$0.07	24.60%
CASP.L	Caspian Sunrise plc	0.06%	$0.00	25.15%
CSSG.L	Croma Security Solutions Group plc	0.06%	$0.04	46.50%
DNET.JK	PT Indoritel Makmur Internasional Tbk.	0.06%	$5.00	6.08%
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EPWN.L	Epwin Group Plc	0.06%	$0.07	37.55%
ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
FIBIH.TA	F.I.B.I. Holdings Ltd	0.06%	$16.92	41.38%
HSL.L	The Henderson Smaller Companies Investment Trust plc	0.06%	$0.50	70.94%
HSX.L	Hiscox Ltd	0.06%	$0.77	20.38%
HVO.L	hVIVO plc	0.06%	$0.00	12.02%
IBT.L	International Biotechnology Trust plc	0.06%	$0.61	57.78%
IDIN.TA	I.D.I. Insurance Company Ltd.	0.06%	$14.75	68.21%
IGG.L	IG Group Holdings plc	0.06%	$0.81	31.08%
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ITRK.L	Intertek Group plc	0.06%	$2.66	64.13%
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JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
LAAC	Lithium Americas (Argentina) Corp.	0.06%	$0.00	0.02%
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Great-West Lifeco Inc. (GWO-PN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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