DDM Analysis: LPC.V

Valuation Snapshot

Stable Growth	$2.96 - $11.36	$8.48
Multi-Stage	$1.43 - $1.56	$1.50
Blended Fair Value	$4.99
Current Price	$2.19
Upside	127.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.03	0.03	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.71%	19.94%	57.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.95%	2.22%	1.68%	1.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.20
(-) Cash Dividends Paid (M)	1.86
(=) Cash Retained (M)	1.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.64	0.40	0.24
Cash Retained (M)	1.34	1.34	1.34
(-) Cash Required (M)	-0.64	-0.40	-0.24
(=) Excess Retained (M)	0.70	0.94	1.10
(/) Shares Outstanding (M)	56.02	56.02	56.02
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.96	$8.48	$11.36
Upside / Downside	35.25%	287.40%	418.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.20	3.41	3.63	3.86	4.12	4.38	4.51
Payout Ratio	58.11%	64.49%	70.87%	77.24%	83.62%	90.00%	92.50%
Projected Dividends (M)	1.86	2.20	2.57	2.99	3.44	3.94	4.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2.03	2.05	2.07
Year 2 PV (M)	2.20	2.24	2.28
Year 3 PV (M)	2.36	2.43	2.50
Year 4 PV (M)	2.52	2.61	2.71
Year 5 PV (M)	2.67	2.80	2.93
PV of Terminal Value (M)	68.41	71.71	75.15
Equity Value (M)	80.18	83.84	87.64
Shares Outstanding (M)	56.02	56.02	56.02
Fair Value	$1.43	$1.50	$1.56
Upside / Downside	-34.64%	-31.66%	-28.57%

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Lorne Park Capital Partners Inc. (LPC.V)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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