DDM Analysis: TVK.TO

Valuation Snapshot

Stable Growth	$149.61 - $786.65	$299.35
Multi-Stage	$82.83 - $90.64	$86.67
Blended Fair Value	$193.01
Current Price	$169.10
Upside	14.14%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.88%	4.41%	0.52	0.42	0.35	0.36	0.36	0.34	0.36	0.36	0.36	0.36
YoY Growth	-	-	24.97%	18.97%	-2.53%	-0.27%	5.89%	-4.60%	-1.01%	0.33%	1.05%	5.07%
Dividend Yield	-	-	0.47%	0.95%	1.28%	1.32%	2.27%	2.63%	3.53%	3.88%	4.06%	5.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.08
(-) Cash Dividends Paid (M)	12.68
(=) Cash Retained (M)	67.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.02	10.01	6.01
Cash Retained (M)	67.41	67.41	67.41
(-) Cash Required (M)	-16.02	-10.01	-6.01
(=) Excess Retained (M)	51.39	57.40	61.40
(/) Shares Outstanding (M)	20.25	20.25	20.25
(=) Excess Retained per Share	2.54	2.83	3.03
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	2.54	2.83	3.03
(=) Adjusted Dividend	3.16	3.46	3.66
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$149.61	$299.35	$786.65
Upside / Downside	-11.52%	77.02%	365.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.08	85.29	90.83	96.74	103.02	109.72	113.01
Payout Ratio	15.83%	30.66%	45.50%	60.33%	75.17%	90.00%	92.50%
Projected Dividends (M)	12.68	26.15	41.33	58.36	77.44	98.75	104.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.73%	7.73%	7.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24.05	24.28	24.50
Year 2 PV (M)	34.94	35.61	36.28
Year 3 PV (M)	45.37	46.68	48.00
Year 4 PV (M)	55.36	57.49	59.68
Year 5 PV (M)	64.91	68.05	71.30
PV of Terminal Value (M)	1,452.40	1,522.55	1,595.39
Equity Value (M)	1,677.04	1,754.65	1,835.16
Shares Outstanding (M)	20.25	20.25	20.25
Fair Value	$82.83	$86.67	$90.64
Upside / Downside	-51.02%	-48.75%	-46.40%

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TerraVest Industries Inc. (TVK.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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