DDM Analysis: LAS-A.TO

Valuation Snapshot

Stable Growth	$1,374.75 - $3,580.19	$3,355.16
Multi-Stage	$506.80 - $554.92	$530.41
Blended Fair Value	$1,942.79
Current Price	$211.89
Upside	816.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.65%	9.40%	4.00	2.20	3.00	3.34	2.59	2.64	3.11	2.40	1.99	1.67
YoY Growth	-	-	81.87%	-26.80%	-10.15%	29.27%	-2.08%	-15.16%	29.89%	20.62%	19.03%	2.53%
Dividend Yield	-	-	1.90%	1.40%	2.88%	2.34%	1.50%	1.77%	1.79%	0.91%	0.86%	1.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	122.81
(-) Cash Dividends Paid (M)	29.33
(=) Cash Retained (M)	93.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.56	15.35	9.21
Cash Retained (M)	93.48	93.48	93.48
(-) Cash Required (M)	-24.56	-15.35	-9.21
(=) Excess Retained (M)	68.92	78.13	84.27
(/) Shares Outstanding (M)	6.82	6.82	6.82
(=) Excess Retained per Share	10.10	11.45	12.35
LTM Dividend per Share	4.30	4.30	4.30
(+) Excess Retained per Share	10.10	11.45	12.35
(=) Adjusted Dividend	14.40	15.75	16.65
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,374.75	$3,355.16	$3,580.19
Upside / Downside	548.80%	1,483.44%	1,589.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	122.81	130.79	139.30	148.35	157.99	168.26	173.31
Payout Ratio	23.88%	37.11%	50.33%	63.55%	76.78%	90.00%	92.50%
Projected Dividends (M)	29.33	48.53	70.11	94.28	121.30	151.44	160.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.10	45.53	45.95
Year 2 PV (M)	60.54	61.69	62.85
Year 3 PV (M)	75.65	77.82	80.03
Year 4 PV (M)	90.44	93.92	97.50
Year 5 PV (M)	104.92	109.99	115.25
PV of Terminal Value (M)	3,080.75	3,229.55	3,384.05
Equity Value (M)	3,457.39	3,618.49	3,785.63
Shares Outstanding (M)	6.82	6.82	6.82
Fair Value	$506.80	$530.41	$554.92
Upside / Downside	139.18%	150.33%	161.89%

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Lassonde Industries Inc. (LAS-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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