DDM Analysis: TVK.TO

Valuation Snapshot

Stable Growth	$113.36 - $416.24	$189.52
Multi-Stage	$71.16 - $77.82	$74.43
Blended Fair Value	$131.97
Current Price	$169.10
Upside	-21.96%
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	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$113.36	$189.52	$416.24
Upside / Downside	-32.96%	12.07%	146.15%

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	8.44%	8.44%	8.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.89	24.12	24.34
Year 2 PV (M)	34.48	35.14	35.80
Year 3 PV (M)	44.48	45.76	47.06
Year 4 PV (M)	53.92	55.99	58.12
Year 5 PV (M)	62.81	65.84	68.99
PV of Terminal Value (M)	1,221.07	1,280.05	1,341.29
Equity Value (M)	1,440.65	1,506.90	1,575.61
Shares Outstanding (M)	20.25	20.25	20.25
Fair Value	$71.16	$74.43	$77.82
Upside / Downside	-57.92%	-55.99%	-53.98%

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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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