DDM Analysis: CEU.TO

Valuation Snapshot

Stable Growth	$27.25 - $155.84	$51.18
Multi-Stage	$15.75 - $17.23	$16.47
Blended Fair Value	$33.83
Current Price	$9.39
Upside	260.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.00%	-7.90%	0.12	0.10	0.07	0.02	0.02	0.07	0.05	0.04	0.06	0.32
YoY Growth	-	-	19.32%	37.94%	300.44%	-4.45%	-73.24%	32.37%	51.21%	-43.27%	-80.44%	17.32%
Dividend Yield	-	-	1.60%	2.05%	2.68%	0.75%	1.17%	8.66%	1.83%	0.62%	0.85%	9.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.28
(-) Cash Dividends Paid (M)	32.53
(=) Cash Retained (M)	145.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.66	22.29	13.37
Cash Retained (M)	145.75	145.75	145.75
(-) Cash Required (M)	-35.66	-22.29	-13.37
(=) Excess Retained (M)	110.10	123.47	132.38
(/) Shares Outstanding (M)	227.51	227.51	227.51
(=) Excess Retained per Share	0.48	0.54	0.58
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.48	0.54	0.58
(=) Adjusted Dividend	0.63	0.69	0.72
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.25	$51.18	$155.84
Upside / Downside	190.24%	445.08%	1,559.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.28	189.87	202.21	215.35	229.35	244.26	251.59
Payout Ratio	18.25%	32.60%	46.95%	61.30%	75.65%	90.00%	92.50%
Projected Dividends (M)	32.53	61.89	94.93	132.01	173.50	219.83	232.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.93%	7.93%	7.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.81	57.34	57.88
Year 2 PV (M)	79.98	81.50	83.04
Year 3 PV (M)	102.08	105.01	107.99
Year 4 PV (M)	123.14	127.88	132.75
Year 5 PV (M)	143.21	150.12	157.31
PV of Terminal Value (M)	3,077.10	3,225.73	3,380.04
Equity Value (M)	3,582.31	3,747.57	3,919.00
Shares Outstanding (M)	227.51	227.51	227.51
Fair Value	$15.75	$16.47	$17.23
Upside / Downside	67.69%	75.42%	83.45%

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CES Energy Solutions Corp. (CEU.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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