DDM Analysis: FTT.TO

Valuation Snapshot

Stable Growth	$117.66 - $316.44	$180.69
Multi-Stage	$131.05 - $143.81	$137.31
Blended Fair Value	$159.00
Current Price	$64.65
Upside	145.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.57%	2.50%	1.12	1.09	1.07	1.03	0.99	0.99	0.99	0.93	0.91	0.92
YoY Growth	-	-	3.42%	1.39%	3.60%	4.51%	0.00%	0.00%	6.40%	1.63%	-0.81%	5.10%
Dividend Yield	-	-	2.77%	2.72%	3.18%	2.75%	3.09%	6.55%	4.09%	3.04%	3.68%	4.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	684.00
(-) Cash Dividends Paid (M)	155.00
(=) Cash Retained (M)	529.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.80	85.50	51.30
Cash Retained (M)	529.00	529.00	529.00
(-) Cash Required (M)	-136.80	-85.50	-51.30
(=) Excess Retained (M)	392.20	443.50	477.70
(/) Shares Outstanding (M)	134.46	134.46	134.46
(=) Excess Retained per Share	2.92	3.30	3.55
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	2.92	3.30	3.55
(=) Adjusted Dividend	4.07	4.45	4.71
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.94%	3.94%	4.94%
Fair Value	$117.66	$180.69	$316.44
Upside / Downside	82.00%	179.49%	389.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	684.00	710.96	738.98	768.11	798.38	829.85	854.75
Payout Ratio	22.66%	36.13%	49.60%	63.06%	76.53%	90.00%	92.50%
Projected Dividends (M)	155.00	256.86	366.51	484.40	611.02	746.87	790.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.94%	3.94%	4.94%
Year 1 PV (M)	238.86	241.18	243.50
Year 2 PV (M)	316.94	323.12	329.37
Year 3 PV (M)	389.53	400.99	412.68
Year 4 PV (M)	456.91	474.93	493.47
Year 5 PV (M)	519.35	545.07	571.80
PV of Terminal Value (M)	15,699.77	16,477.29	17,285.31
Equity Value (M)	17,621.36	18,462.58	19,336.13
Shares Outstanding (M)	134.46	134.46	134.46
Fair Value	$131.05	$137.31	$143.81
Upside / Downside	102.71%	112.39%	122.44%

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Finning International Inc. (FTT.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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