DDM Analysis: EMP-A.TO

Valuation Snapshot

Stable Growth	$160.83 - $589.04	$498.09
Multi-Stage	$88.56 - $97.03	$92.72
Blended Fair Value	$295.40
Current Price	$54.50
Upside	442.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.16%	6.77%	0.81	0.77	0.72	0.66	0.59	0.55	0.51	0.48	0.47	0.46
YoY Growth	-	-	5.67%	6.76%	8.55%	12.48%	7.48%	8.54%	4.82%	2.43%	1.74%	9.73%
Dividend Yield	-	-	1.49%	2.11%	2.01%	1.71%	1.44%	1.60%	1.45%	1.80%	2.33%	2.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	704.20
(-) Cash Dividends Paid (M)	193.40
(=) Cash Retained (M)	510.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	140.84	88.03	52.82
Cash Retained (M)	510.80	510.80	510.80
(-) Cash Required (M)	-140.84	-88.03	-52.82
(=) Excess Retained (M)	369.96	422.78	457.99
(/) Shares Outstanding (M)	236.15	236.15	236.15
(=) Excess Retained per Share	1.57	1.79	1.94
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	1.57	1.79	1.94
(=) Adjusted Dividend	2.39	2.61	2.76
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	4.77%	5.77%	6.77%
Fair Value	$160.83	$498.09	$589.04
Upside / Downside	195.11%	813.92%	980.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	704.20	744.85	787.85	833.33	881.44	932.32	960.29
Payout Ratio	27.46%	39.97%	52.48%	64.99%	77.49%	90.00%	92.50%
Projected Dividends (M)	193.40	297.73	413.45	541.54	683.05	839.09	888.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	4.77%	5.77%	6.77%
Year 1 PV (M)	277.36	280.01	282.66
Year 2 PV (M)	358.83	365.71	372.66
Year 3 PV (M)	437.85	450.51	463.41
Year 4 PV (M)	514.49	534.42	554.92
Year 5 PV (M)	588.80	617.44	647.18
PV of Terminal Value (M)	18,735.37	19,646.69	20,593.14
Equity Value (M)	20,912.70	21,894.78	22,913.96
Shares Outstanding (M)	236.15	236.15	236.15
Fair Value	$88.56	$92.72	$97.03
Upside / Downside	62.49%	70.12%	78.04%

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Empire Company Limited (EMP-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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