DDM Analysis: FFH.TO

Valuation Snapshot

Stable Growth	$4,321.33 - $10,760.60	$6,477.98
Multi-Stage	$3,716.28 - $4,072.38	$3,891.03
Blended Fair Value	$5,184.50
Current Price	$1,805.40
Upside	187.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	5.35%	15.67	10.58	10.79	11.75	11.90	12.00	12.22	10.25	9.83	9.33
YoY Growth	-	-	48.08%	-1.88%	-8.16%	-1.31%	-0.83%	-1.84%	19.29%	4.21%	5.41%	0.19%
Dividend Yield	-	-	1.08%	0.98%	1.62%	2.15%	2.73%	3.91%	2.66%	2.01%	2.16%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,565.40
(-) Cash Dividends Paid (M)	343.60
(=) Cash Retained (M)	4,221.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	913.08	570.68	342.41
Cash Retained (M)	4,221.80	4,221.80	4,221.80
(-) Cash Required (M)	-913.08	-570.68	-342.41
(=) Excess Retained (M)	3,308.72	3,651.13	3,879.40
(/) Shares Outstanding (M)	23.17	23.17	23.17
(=) Excess Retained per Share	142.82	157.60	167.46
LTM Dividend per Share	14.83	14.83	14.83
(+) Excess Retained per Share	142.82	157.60	167.46
(=) Adjusted Dividend	157.65	172.43	182.29
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$4,321.33	$6,477.98	$10,760.60
Upside / Downside	139.36%	258.81%	496.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,565.40	4,797.10	5,040.56	5,296.37	5,565.16	5,847.60	6,023.03
Payout Ratio	7.53%	24.02%	40.52%	57.01%	73.51%	90.00%	92.50%
Projected Dividends (M)	343.60	1,152.31	2,042.22	3,019.48	4,090.69	5,262.84	5,571.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.87%	7.87%	7.87%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	1,058.05	1,068.22	1,078.38
Year 2 PV (M)	1,721.78	1,755.03	1,788.59
Year 3 PV (M)	2,337.48	2,405.50	2,474.84
Year 4 PV (M)	2,907.70	3,021.07	3,137.73
Year 5 PV (M)	3,434.88	3,603.10	3,777.84
PV of Terminal Value (M)	74,634.08	78,289.24	82,086.22
Equity Value (M)	86,093.96	90,142.15	94,343.61
Shares Outstanding (M)	23.17	23.17	23.17
Fair Value	$3,716.28	$3,891.03	$4,072.38
Upside / Downside	105.84%	115.52%	125.57%

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Fairfax Financial Holdings Limited (FFH.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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