DDM Analysis: EFN-PA.TO

Valuation Snapshot

Stable Growth	$69.32 - $262.71	$202.36
Multi-Stage	$32.76 - $35.84	$34.27
Blended Fair Value	$118.32
Current Price	$24.99
Upside	373.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	2.60%	0.00%	0.51	0.43	0.41	0.29	0.32	0.45	0.38	0.21	0.09	0.05
YoY Growth	-	-	18.57%	5.80%	40.84%	-8.51%	-29.68%	16.78%	82.61%	139.29%	61.71%	0.00%
Dividend Yield	-	-	2.04%	1.74%	1.62%	1.14%	1.70%	2.04%	1.99%	0.83%	0.40%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	466.20
(-) Cash Dividends Paid (M)	179.40
(=) Cash Retained (M)	286.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.24	58.27	34.96
Cash Retained (M)	286.80	286.80	286.80
(-) Cash Required (M)	-93.24	-58.27	-34.96
(=) Excess Retained (M)	193.56	228.53	251.83
(/) Shares Outstanding (M)	352.92	352.92	352.92
(=) Excess Retained per Share	0.55	0.65	0.71
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.55	0.65	0.71
(=) Adjusted Dividend	1.06	1.16	1.22
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$69.32	$202.36	$262.71
Upside / Downside	177.40%	709.77%	951.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	466.20	496.50	528.77	563.14	599.75	638.73	657.89
Payout Ratio	38.48%	48.78%	59.09%	69.39%	79.70%	90.00%	92.50%
Projected Dividends (M)	179.40	242.22	312.44	390.78	477.98	574.86	608.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	224.02	226.14	228.27
Year 2 PV (M)	267.26	272.35	277.49
Year 3 PV (M)	309.15	318.02	327.07
Year 4 PV (M)	349.72	363.17	377.01
Year 5 PV (M)	389.01	407.80	427.31
PV of Terminal Value (M)	10,023.77	10,507.92	11,010.60
Equity Value (M)	11,562.92	12,095.40	12,647.73
Shares Outstanding (M)	352.92	352.92	352.92
Fair Value	$32.76	$34.27	$35.84
Upside / Downside	31.11%	37.15%	43.41%

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Element Fleet Management Corp. (EFN-PA.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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