DDM Analysis: STN

Valuation Snapshot

Stable Growth	$662.30 - $780.30	$731.26
Multi-Stage	$468.91 - $514.65	$491.36
Blended Fair Value	$611.31
Current Price	$150.05
Upside	307.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.99%	10.82%	0.82	0.74	0.69	0.63	0.60	0.56	0.54	0.49	0.40	0.34
YoY Growth	-	-	10.72%	8.57%	8.16%	6.32%	6.25%	4.40%	10.45%	20.36%	20.29%	13.95%
Dividend Yield	-	-	0.69%	0.67%	0.87%	1.01%	1.11%	1.56%	1.67%	1.54%	1.17%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	447.55
(-) Cash Dividends Paid (M)	99.20
(=) Cash Retained (M)	348.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.51	55.94	33.57
Cash Retained (M)	348.35	348.35	348.35
(-) Cash Required (M)	-89.51	-55.94	-33.57
(=) Excess Retained (M)	258.84	292.41	314.78
(/) Shares Outstanding (M)	114.07	114.07	114.07
(=) Excess Retained per Share	2.27	2.56	2.76
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.27	2.56	2.76
(=) Adjusted Dividend	3.14	3.43	3.63
WACC / Discount Rate	1.44%	1.44%	1.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$662.30	$731.26	$780.30
Upside / Downside	341.39%	387.34%	420.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	447.55	476.64	507.62	540.62	575.76	613.18	631.58
Payout Ratio	22.17%	35.73%	49.30%	62.87%	76.43%	90.00%	92.50%
Projected Dividends (M)	99.20	170.31	250.25	339.87	440.07	551.87	584.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.44%	1.44%	1.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.31	167.89	169.47
Year 2 PV (M)	238.64	243.18	247.77
Year 3 PV (M)	316.48	325.56	334.82
Year 4 PV (M)	400.17	415.56	431.38
Year 5 PV (M)	490.04	513.71	538.28
PV of Terminal Value (M)	51,876.06	54,381.69	56,983.22
Equity Value (M)	53,487.70	56,047.60	58,704.95
Shares Outstanding (M)	114.07	114.07	114.07
Fair Value	$468.91	$491.36	$514.65
Upside / Downside	212.51%	227.46%	242.99%

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WINA	Winmark Corporation	2.68%	$10.76	96.24%
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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
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DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
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HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Stantec Inc. (STN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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