DDM Analysis: CJT.TO

Valuation Snapshot

Stable Growth	$650.68 - $1,556.09	$1,458.28
Multi-Stage	$225.27 - $246.73	$235.80
Blended Fair Value	$847.04
Current Price	$94.83
Upside	793.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.58%	17.71%	1.67	1.24	1.18	1.07	0.92	0.78	0.70	0.56	0.40	0.36
YoY Growth	-	-	35.53%	4.23%	10.53%	17.12%	17.74%	11.71%	24.72%	39.06%	12.28%	9.03%
Dividend Yield	-	-	2.03%	1.10%	1.08%	0.56%	0.56%	0.77%	0.86%	0.82%	0.87%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.80
(-) Cash Dividends Paid (M)	21.90
(=) Cash Retained (M)	102.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.96	15.60	9.36
Cash Retained (M)	102.90	102.90	102.90
(-) Cash Required (M)	-24.96	-15.60	-9.36
(=) Excess Retained (M)	77.94	87.30	93.54
(/) Shares Outstanding (M)	15.95	15.95	15.95
(=) Excess Retained per Share	4.89	5.47	5.86
LTM Dividend per Share	1.37	1.37	1.37
(+) Excess Retained per Share	4.89	5.47	5.86
(=) Adjusted Dividend	6.26	6.85	7.24
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$650.68	$1,458.28	$1,556.09
Upside / Downside	586.16%	1,437.79%	1,540.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.80	132.91	141.55	150.75	160.55	170.99	176.12
Payout Ratio	17.55%	32.04%	46.53%	61.02%	75.51%	90.00%	92.50%
Projected Dividends (M)	21.90	42.58	65.86	91.99	121.23	153.89	162.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.60	39.98	40.35
Year 2 PV (M)	56.97	58.05	59.15
Year 3 PV (M)	74.00	76.12	78.28
Year 4 PV (M)	90.70	94.18	97.77
Year 5 PV (M)	107.07	112.24	117.61
PV of Terminal Value (M)	3,224.70	3,380.46	3,542.17
Equity Value (M)	3,593.03	3,761.03	3,935.34
Shares Outstanding (M)	15.95	15.95	15.95
Fair Value	$225.27	$235.80	$246.73
Upside / Downside	137.55%	148.66%	160.18%

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Cargojet Inc. (CJT.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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