DDM Analysis: MRG-UN.TO

Valuation Snapshot

Stable Growth	$57.01 - $167.38	$89.84
Multi-Stage	$52.07 - $57.05	$54.52
Blended Fair Value	$72.18
Current Price	$18.26
Upside	295.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.58%	4.44%	0.65	0.65	0.64	0.64	0.64	0.57	0.53	0.51	0.42	0.42
YoY Growth	-	-	-0.52%	1.08%	0.38%	-0.36%	12.96%	8.17%	4.22%	20.72%	0.05%	-0.18%
Dividend Yield	-	-	3.73%	4.13%	3.70%	3.27%	4.13%	4.25%	2.87%	3.69%	2.83%	3.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.05
(-) Cash Dividends Paid (M)	26.65
(=) Cash Retained (M)	68.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.01	11.88	7.13
Cash Retained (M)	68.41	68.41	68.41
(-) Cash Required (M)	-19.01	-11.88	-7.13
(=) Excess Retained (M)	49.40	56.52	61.28
(/) Shares Outstanding (M)	41.43	41.43	41.43
(=) Excess Retained per Share	1.19	1.36	1.48
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	1.19	1.36	1.48
(=) Adjusted Dividend	1.84	2.01	2.12
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.77%	4.77%	5.77%
Fair Value	$57.01	$89.84	$167.38
Upside / Downside	212.20%	392.03%	816.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.05	99.59	104.34	109.32	114.54	120.01	123.61
Payout Ratio	28.03%	40.43%	52.82%	65.21%	77.61%	90.00%	92.50%
Projected Dividends (M)	26.65	40.26	55.11	71.29	88.89	108.01	114.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.77%	4.77%	5.77%
Year 1 PV (M)	37.23	37.59	37.94
Year 2 PV (M)	47.12	48.03	48.96
Year 3 PV (M)	56.36	58.01	59.69
Year 4 PV (M)	64.98	67.53	70.14
Year 5 PV (M)	73.01	76.60	80.32
PV of Terminal Value (M)	1,878.46	1,970.73	2,066.59
Equity Value (M)	2,157.17	2,258.48	2,363.64
Shares Outstanding (M)	41.43	41.43	41.43
Fair Value	$52.07	$54.52	$57.05
Upside / Downside	185.16%	198.55%	212.45%

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Morguard North American Residential Real Estate Investment Trust (MRG-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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