DDM Analysis: AEM

Valuation Snapshot

Stable Growth	$88.15 - $150.00	$115.02
Multi-Stage	$70.60 - $76.97	$73.72
Blended Fair Value	$94.37
Current Price	$168.56
Upside	-44.01%
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	44.83%	28.65%	1.33	1.27	1.21	0.55	0.38	0.21	0.17	0.15	0.14	0.12
YoY Growth	-	-	5.17%	4.99%	121.08%	44.63%	80.49%	25.54%	10.37%	6.58%	19.93%	10.07%
Dividend Yield	-	-	1.23%	2.07%	2.37%	0.89%	0.65%	0.53%	0.39%	0.36%	0.33%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,419.13
(-) Cash Dividends Paid (M)	717.50
(=) Cash Retained (M)	2,701.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	683.83	427.39	256.43
Cash Retained (M)	2,701.63	2,701.63	2,701.63
(-) Cash Required (M)	-683.83	-427.39	-256.43
(=) Excess Retained (M)	2,017.80	2,274.24	2,445.20
(/) Shares Outstanding (M)	503.53	503.53	503.53
(=) Excess Retained per Share	4.01	4.52	4.86
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	4.01	4.52	4.86
(=) Adjusted Dividend	5.43	5.94	6.28
WACC / Discount Rate	12.00%	12.00%	12.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.15	$115.02	$150.00
Upside / Downside	-47.70%	-31.76%	-11.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,419.13	3,641.37	3,878.06	4,130.13	4,398.59	4,684.50	4,825.03
Payout Ratio	20.98%	34.79%	48.59%	62.39%	76.20%	90.00%	92.50%
Projected Dividends (M)	717.50	1,266.75	1,884.38	2,576.95	3,351.59	4,216.05	4,463.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.00%	12.00%	12.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,120.40	1,131.02	1,141.64
Year 2 PV (M)	1,474.10	1,502.18	1,530.52
Year 3 PV (M)	1,782.97	1,834.16	1,886.31
Year 4 PV (M)	2,051.02	2,129.89	2,211.02
Year 5 PV (M)	2,281.93	2,392.15	2,506.59
PV of Terminal Value (M)	26,836.81	28,133.04	29,478.88
Equity Value (M)	35,547.24	37,122.44	38,754.96
Shares Outstanding (M)	503.53	503.53	503.53
Fair Value	$70.60	$73.72	$76.97
Upside / Downside	-58.12%	-56.26%	-54.34%

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Agnico Eagle Mines Limited (AEM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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