DDM Analysis: OTEX

Valuation Snapshot

Stable Growth	$82.73 - $374.77	$190.36
Multi-Stage	$43.87 - $47.93	$45.86
Blended Fair Value	$118.11
Current Price	$29.20
Upside	304.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.55%	11.97%	1.04	1.03	1.00	0.91	0.81	0.73	0.65	0.56	0.46	0.38
YoY Growth	-	-	1.56%	3.01%	9.21%	12.81%	11.63%	11.76%	15.96%	20.76%	21.48%	13.28%
Dividend Yield	-	-	3.57%	3.09%	2.84%	3.46%	1.66%	1.72%	1.59%	1.48%	1.44%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	490.20
(-) Cash Dividends Paid (M)	270.97
(=) Cash Retained (M)	219.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.04	61.27	36.76
Cash Retained (M)	219.23	219.23	219.23
(-) Cash Required (M)	-98.04	-61.27	-36.76
(=) Excess Retained (M)	121.19	157.95	182.46
(/) Shares Outstanding (M)	260.13	260.13	260.13
(=) Excess Retained per Share	0.47	0.61	0.70
LTM Dividend per Share	1.04	1.04	1.04
(+) Excess Retained per Share	0.47	0.61	0.70
(=) Adjusted Dividend	1.51	1.65	1.74
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.73	$190.36	$374.77
Upside / Downside	183.32%	551.91%	1,183.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	490.20	522.06	556.00	592.13	630.62	671.61	691.76
Payout Ratio	55.28%	62.22%	69.17%	76.11%	83.06%	90.00%	92.50%
Projected Dividends (M)	270.97	324.84	384.56	450.68	523.77	604.45	639.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	299.55	302.39	305.23
Year 2 PV (M)	327.03	333.26	339.54
Year 3 PV (M)	353.42	363.57	373.90
Year 4 PV (M)	378.76	393.33	408.31
Year 5 PV (M)	403.09	422.56	442.77
PV of Terminal Value (M)	9,648.69	10,114.72	10,598.59
Equity Value (M)	11,410.54	11,929.83	12,468.36
Shares Outstanding (M)	260.13	260.13	260.13
Fair Value	$43.87	$45.86	$47.93
Upside / Downside	50.22%	57.06%	64.15%

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Open Text Corporation (OTEX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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