DDM Analysis: VVI

Valuation Snapshot

Stable Growth	$83.07 - $116.51	$99.70
Multi-Stage	$125.11 - $137.71	$131.29
Blended Fair Value	$115.49
Current Price	$40.96
Upside	181.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.73%	-14.73%	0.29	0.00	0.00	0.00	0.15	0.30	0.31	0.31	0.30	0.30
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-49.79%	-0.74%	-0.07%	0.60%	0.93%	-79.07%
Dividend Yield	-	-	0.72%	0.00%	0.00%	0.00%	0.37%	1.43%	0.54%	0.58%	0.67%	1.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	357.89
(-) Cash Dividends Paid (M)	1.95
(=) Cash Retained (M)	355.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.58	44.74	26.84
Cash Retained (M)	355.94	355.94	355.94
(-) Cash Required (M)	-71.58	-44.74	-26.84
(=) Excess Retained (M)	284.36	311.20	329.10
(/) Shares Outstanding (M)	26.60	26.60	26.60
(=) Excess Retained per Share	10.69	11.70	12.37
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	10.69	11.70	12.37
(=) Adjusted Dividend	10.77	11.77	12.45
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-2.73%	-1.73%	-0.73%
Fair Value	$83.07	$99.70	$116.51
Upside / Downside	102.81%	143.42%	184.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	357.89	351.68	345.58	339.59	333.70	327.91	337.74
Payout Ratio	0.54%	18.44%	36.33%	54.22%	72.11%	90.00%	92.50%
Projected Dividends (M)	1.95	64.84	125.54	184.12	240.62	295.12	312.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-2.73%	-1.73%	-0.73%
Year 1 PV (M)	58.41	59.01	59.61
Year 2 PV (M)	101.89	104.00	106.12
Year 3 PV (M)	134.63	138.82	143.10
Year 4 PV (M)	158.51	165.13	171.95
Year 5 PV (M)	175.14	184.33	193.90
PV of Terminal Value (M)	2,698.70	2,840.32	2,987.81
Equity Value (M)	3,327.28	3,491.60	3,662.50
Shares Outstanding (M)	26.60	26.60	26.60
Fair Value	$125.11	$131.29	$137.71
Upside / Downside	205.44%	220.52%	236.21%

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Viad Corp (VVI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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