DDM Analysis: LGT-B.TO

Valuation Snapshot

Stable Growth	$119.04 - $410.35	$384.56
Multi-Stage	$52.55 - $57.52	$54.99
Blended Fair Value	$219.77
Current Price	$60.56
Upside	262.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	7.26%	8.81%	0.43	0.40	0.39	0.38	0.34	0.30	0.29	0.26	0.99	0.20
YoY Growth	-	-	8.25%	2.29%	3.25%	9.25%	13.66%	2.70%	11.91%	-73.27%	405.27%	5.52%
Dividend Yield	-	-	0.97%	0.89%	0.97%	1.49%	0.78%	0.62%	0.82%	0.60%	2.75%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.70
(-) Cash Dividends Paid (M)	6.30
(=) Cash Retained (M)	20.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.34	3.34	2.00
Cash Retained (M)	20.40	20.40	20.40
(-) Cash Required (M)	-5.34	-3.34	-2.00
(=) Excess Retained (M)	15.06	17.06	18.40
(/) Shares Outstanding (M)	12.94	12.94	12.94
(=) Excess Retained per Share	1.16	1.32	1.42
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	1.16	1.32	1.42
(=) Adjusted Dividend	1.65	1.81	1.91
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$119.04	$384.56	$410.35
Upside / Downside	96.57%	535.00%	577.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.70	28.43	30.28	32.25	34.34	36.58	37.67
Payout Ratio	23.59%	36.87%	50.15%	63.44%	76.72%	90.00%	92.50%
Projected Dividends (M)	6.30	10.48	15.19	20.46	26.35	32.92	34.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.71	9.80	9.89
Year 2 PV (M)	13.03	13.27	13.52
Year 3 PV (M)	16.25	16.72	17.19
Year 4 PV (M)	19.38	20.13	20.90
Year 5 PV (M)	22.43	23.51	24.64
PV of Terminal Value (M)	599.12	628.06	658.10
Equity Value (M)	679.91	711.49	744.24
Shares Outstanding (M)	12.94	12.94	12.94
Fair Value	$52.55	$54.99	$57.52
Upside / Downside	-13.23%	-9.20%	-5.02%

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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Logistec Corporation (LGT-B.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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