DDM Analysis: QBR-A.TO

Valuation Snapshot

Stable Growth	$95.88 - $325.82	$157.23
Multi-Stage	$90.86 - $99.57	$95.13
Blended Fair Value	$126.18
Current Price	$43.82
Upside	187.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.66%	37.72%	1.30	1.19	1.22	1.15	0.87	0.43	0.20	0.11	0.09	0.07
YoY Growth	-	-	8.95%	-1.77%	5.42%	33.07%	100.50%	116.63%	83.00%	21.63%	30.00%	30.08%
Dividend Yield	-	-	3.58%	4.02%	3.64%	3.87%	2.57%	1.39%	0.61%	0.44%	0.44%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	822.20
(-) Cash Dividends Paid (M)	317.60
(=) Cash Retained (M)	504.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164.44	102.78	61.67
Cash Retained (M)	504.60	504.60	504.60
(-) Cash Required (M)	-164.44	-102.78	-61.67
(=) Excess Retained (M)	340.16	401.83	442.94
(/) Shares Outstanding (M)	232.13	232.13	232.13
(=) Excess Retained per Share	1.47	1.73	1.91
LTM Dividend per Share	1.37	1.37	1.37
(+) Excess Retained per Share	1.47	1.73	1.91
(=) Adjusted Dividend	2.83	3.10	3.28
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.60%	4.60%	5.60%
Fair Value	$95.88	$157.23	$325.82
Upside / Downside	118.80%	258.80%	643.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	822.20	860.02	899.58	940.96	984.24	1,029.51	1,060.39
Payout Ratio	38.63%	48.90%	59.18%	69.45%	79.73%	90.00%	92.50%
Projected Dividends (M)	317.60	420.57	532.34	653.51	784.69	926.56	980.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	3.60%	4.60%	5.60%
Year 1 PV (M)	390.53	394.30	398.07
Year 2 PV (M)	459.02	467.92	476.91
Year 3 PV (M)	523.25	538.55	554.14
Year 4 PV (M)	583.41	606.27	629.79
Year 5 PV (M)	639.69	671.17	703.87
PV of Terminal Value (M)	18,494.17	19,404.15	20,349.60
Equity Value (M)	21,090.08	22,082.36	23,112.38
Shares Outstanding (M)	232.13	232.13	232.13
Fair Value	$90.86	$95.13	$99.57
Upside / Downside	107.34%	117.10%	127.22%

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Quebecor Inc. (QBR-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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