DDM Analysis: LNF.TO

Valuation Snapshot

Stable Growth	$32.20 - $55.46	$42.22
Multi-Stage	$49.48 - $54.33	$51.86
Blended Fair Value	$47.04
Current Price	$28.84
Upside	63.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.08%	5.93%	0.73	0.63	0.65	2.48	0.65	0.63	0.56	0.48	0.42	0.41
YoY Growth	-	-	15.93%	-2.67%	-73.72%	280.79%	3.05%	13.49%	15.03%	15.81%	0.65%	0.48%
Dividend Yield	-	-	3.10%	2.82%	3.76%	11.10%	2.83%	4.68%	3.84%	2.88%	2.49%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.81
(-) Cash Dividends Paid (M)	54.57
(=) Cash Retained (M)	119.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.76	21.73	13.04
Cash Retained (M)	119.24	119.24	119.24
(-) Cash Required (M)	-34.76	-21.73	-13.04
(=) Excess Retained (M)	84.48	97.51	106.20
(/) Shares Outstanding (M)	68.67	68.67	68.67
(=) Excess Retained per Share	1.23	1.42	1.55
LTM Dividend per Share	0.79	0.79	0.79
(+) Excess Retained per Share	1.23	1.42	1.55
(=) Adjusted Dividend	2.02	2.21	2.34
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	0.83%	1.83%	2.83%
Fair Value	$32.20	$42.22	$55.46
Upside / Downside	11.64%	46.40%	92.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.81	177.00	180.24	183.54	186.90	190.33	196.04
Payout Ratio	31.40%	43.12%	54.84%	66.56%	78.28%	90.00%	92.50%
Projected Dividends (M)	54.57	76.32	98.84	122.16	146.31	171.30	181.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	0.83%	1.83%	2.83%
Year 1 PV (M)	70.51	71.21	71.91
Year 2 PV (M)	84.37	86.05	87.75
Year 3 PV (M)	96.34	99.24	102.19
Year 4 PV (M)	106.60	110.90	115.32
Year 5 PV (M)	115.31	121.15	127.21
PV of Terminal Value (M)	2,924.75	3,072.69	3,226.55
Equity Value (M)	3,397.89	3,561.23	3,730.93
Shares Outstanding (M)	68.67	68.67	68.67
Fair Value	$49.48	$51.86	$54.33
Upside / Downside	71.57%	79.82%	88.39%

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Leon's Furniture Limited (LNF.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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