DDM Analysis: CWB.TO

Valuation Snapshot

Stable Growth	$107.80 - $604.43	$205.35
Multi-Stage	$75.35 - $82.43	$78.83
Blended Fair Value	$142.09
Current Price	$57.25
Upside	148.19%
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	$107.80	$205.35	$604.43
Upside / Downside	88.30%	258.69%	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	175.91	177.58
Year 2 PV (M)	191.55	195.23	198.94
Year 3 PV (M)	208.00	214.02	220.15
Year 4 PV (M)	223.62	232.29	241.21
Year 5 PV (M)	238.45	250.06	262.12
PV of Terminal Value (M)	6,256.55	6,561.23	6,877.66
Equity Value (M)	7,292.41	7,628.74	7,977.67
Shares Outstanding (M)	96.78	96.78	96.78
Fair Value	$75.35	$78.83	$82.43
Upside / Downside	31.62%	37.69%	43.99%

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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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