DDM Analysis: RAY-A.TO

Valuation Snapshot

Stable Growth	$15.66 - $37.17	$23.11
Multi-Stage	$18.34 - $20.11	$19.21
Blended Fair Value	$21.16
Current Price	$10.08
Upside	109.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.70%	0.22%	0.30	0.30	0.30	0.31	0.32	0.31	0.23	0.16	0.12	0.07
YoY Growth	-	-	-1.12%	-0.76%	-1.76%	-3.25%	3.53%	32.55%	48.39%	31.50%	69.83%	-75.91%
Dividend Yield	-	-	2.96%	4.07%	5.91%	5.00%	3.96%	5.87%	3.70%	1.81%	1.52%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.89
(-) Cash Dividends Paid (M)	20.40
(=) Cash Retained (M)	31.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.38	6.49	3.89
Cash Retained (M)	31.49	31.49	31.49
(-) Cash Required (M)	-10.38	-6.49	-3.89
(=) Excess Retained (M)	21.11	25.00	27.60
(/) Shares Outstanding (M)	68.55	68.55	68.55
(=) Excess Retained per Share	0.31	0.36	0.40
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.31	0.36	0.40
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	2.75%	3.75%	4.75%
Fair Value	$15.66	$23.11	$37.17
Upside / Downside	55.36%	129.30%	268.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.89	53.83	55.86	57.95	60.13	62.38	64.26
Payout Ratio	39.32%	49.45%	59.59%	69.73%	79.86%	90.00%	92.50%
Projected Dividends (M)	20.40	26.62	33.28	40.41	48.02	56.15	59.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	2.75%	3.75%	4.75%
Year 1 PV (M)	24.70	24.94	25.19
Year 2 PV (M)	28.66	29.22	29.79
Year 3 PV (M)	32.29	33.24	34.21
Year 4 PV (M)	35.60	37.01	38.46
Year 5 PV (M)	38.63	40.55	42.54
PV of Terminal Value (M)	1,097.40	1,151.85	1,208.44
Equity Value (M)	1,257.29	1,316.81	1,378.62
Shares Outstanding (M)	68.55	68.55	68.55
Fair Value	$18.34	$19.21	$20.11
Upside / Downside	81.94%	90.56%	99.50%

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Stingray Group Inc. (RAY-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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