DDM Analysis: SJR

Valuation Snapshot

Stable Growth	$35.23 - $99.06	$54.83
Multi-Stage	$38.18 - $41.78	$39.95
Blended Fair Value	$47.39
Current Price	$36.63
Upside	29.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	8.54%	5.92%	1.18	1.21	1.16	0.79	0.78	0.78	0.78	0.76	0.70	0.66
YoY Growth	-	-	-2.15%	3.95%	46.23%	1.53%	-0.25%	0.00%	2.88%	8.52%	6.02%	-0.30%
Dividend Yield	-	-	3.23%	3.26%	5.14%	2.88%	3.12%	2.73%	2.98%	2.75%	2.28%	2.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	736.00
(-) Cash Dividends Paid (M)	592.00
(=) Cash Retained (M)	144.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	147.20	92.00	55.20
Cash Retained (M)	144.00	144.00	144.00
(-) Cash Required (M)	-147.20	-92.00	-55.20
(=) Excess Retained (M)	-3.20	52.00	88.80
(/) Shares Outstanding (M)	501.00	501.00	501.00
(=) Excess Retained per Share	-0.01	0.10	0.18
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	-0.01	0.10	0.18
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.22%	4.22%	5.22%
Fair Value	$35.23	$54.83	$99.06
Upside / Downside	-3.82%	49.68%	170.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	736.00	767.05	799.40	833.12	868.26	904.89	932.03
Payout Ratio	80.43%	82.35%	84.26%	86.17%	88.09%	90.00%	92.50%
Projected Dividends (M)	592.00	631.65	673.58	717.93	764.83	814.40	862.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.22%	4.22%	5.22%
Year 1 PV (M)	586.51	592.20	597.88
Year 2 PV (M)	580.77	592.07	603.49
Year 3 PV (M)	574.78	591.64	608.84
Year 4 PV (M)	568.57	590.92	613.93
Year 5 PV (M)	562.16	589.93	618.78
PV of Terminal Value (M)	16,253.25	17,055.98	17,890.12
Equity Value (M)	19,126.04	20,012.75	20,933.04
Shares Outstanding (M)	501.00	501.00	501.00
Fair Value	$38.18	$39.95	$41.78
Upside / Downside	4.22%	9.05%	14.07%

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Shaw Communications Inc. (SJR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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