DDM Analysis: CUP-U.TO

Valuation Snapshot

Stable Growth	$17.57 - $33.69	$24.03
Multi-Stage	$29.35 - $32.21	$30.75
Blended Fair Value	$27.39
Current Price	$13.31
Upside	105.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.40%	3.09%	0.68	0.62	0.61	0.61	0.62	0.60	0.59	0.58	0.57	0.55
YoY Growth	-	-	9.07%	2.48%	-0.25%	-2.06%	3.13%	1.51%	2.91%	1.72%	4.04%	8.88%
Dividend Yield	-	-	5.12%	4.38%	4.33%	4.02%	4.14%	4.23%	3.92%	4.26%	4.22%	5.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.48
(-) Cash Dividends Paid (M)	29.18
(=) Cash Retained (M)	16.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.10	5.68	3.41
Cash Retained (M)	16.30	16.30	16.30
(-) Cash Required (M)	-9.10	-5.68	-3.41
(=) Excess Retained (M)	7.20	10.62	12.89
(/) Shares Outstanding (M)	40.31	40.31	40.31
(=) Excess Retained per Share	0.18	0.26	0.32
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.18	0.26	0.32
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	1.09%	2.09%	3.09%
Fair Value	$17.57	$24.03	$33.69
Upside / Downside	31.99%	80.55%	153.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.48	46.43	47.40	48.39	49.40	50.43	51.94
Payout Ratio	64.16%	69.33%	74.50%	79.66%	84.83%	90.00%	92.50%
Projected Dividends (M)	29.18	32.19	35.31	38.55	41.90	45.39	48.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	1.09%	2.09%	3.09%
Year 1 PV (M)	29.99	30.28	30.58
Year 2 PV (M)	30.65	31.26	31.87
Year 3 PV (M)	31.17	32.11	33.06
Year 4 PV (M)	31.57	32.84	34.15
Year 5 PV (M)	31.86	33.47	35.14
PV of Terminal Value (M)	1,027.73	1,079.58	1,133.50
Equity Value (M)	1,182.97	1,239.53	1,298.30
Shares Outstanding (M)	40.31	40.31	40.31
Fair Value	$29.35	$30.75	$32.21
Upside / Downside	120.50%	131.04%	142.00%

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Caribbean Utilities Company, Ltd. (CUP-U.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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