DDM Analysis: CWB.TO

Valuation Snapshot

Stable Growth	$107.94 - $604.43	$205.81
Multi-Stage	$75.41 - $82.50	$78.89
Blended Fair Value	$142.35
Current Price	$57.25
Upside	148.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.66%	9.60%	1.61	1.50	1.37	1.31	1.04	1.17	1.02	0.94	0.85	0.71
YoY Growth	-	-	7.75%	9.04%	4.72%	26.58%	-11.38%	14.43%	8.50%	10.34%	19.34%	10.84%
Dividend Yield	-	-	2.82%	5.05%	4.88%	3.39%	3.59%	3.57%	3.47%	2.43%	2.88%	3.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	296.45
(-) Cash Dividends Paid (M)	156.06
(=) Cash Retained (M)	140.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.29	37.06	22.23
Cash Retained (M)	140.40	140.40	140.40
(-) Cash Required (M)	-59.29	-37.06	-22.23
(=) Excess Retained (M)	81.10	103.34	118.16
(/) Shares Outstanding (M)	96.78	96.78	96.78
(=) Excess Retained per Share	0.84	1.07	1.22
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	0.84	1.07	1.22
(=) Adjusted Dividend	2.45	2.68	2.83
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.66%	5.66%	6.66%
Fair Value	$107.94	$205.81	$604.43
Upside / Downside	88.54%	259.49%	955.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	296.45	313.22	330.93	349.65	369.42	390.32	402.03
Payout Ratio	52.64%	60.11%	67.59%	75.06%	82.53%	90.00%	92.50%
Projected Dividends (M)	156.06	188.29	223.66	262.44	304.88	351.28	371.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.66%	5.66%	6.66%
Year 1 PV (M)	174.25	175.92	177.58
Year 2 PV (M)	191.56	195.24	198.95
Year 3 PV (M)	208.02	214.04	220.17
Year 4 PV (M)	223.65	232.32	241.24
Year 5 PV (M)	238.48	250.09	262.15
PV of Terminal Value (M)	6,262.21	6,567.16	6,883.88
Equity Value (M)	7,298.16	7,634.77	7,983.98
Shares Outstanding (M)	96.78	96.78	96.78
Fair Value	$75.41	$78.89	$82.50
Upside / Downside	31.73%	37.80%	44.10%

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Canadian Western Bank (CWB.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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