DDM Analysis: GCG-A.TO

Valuation Snapshot

Stable Growth	$161.36 - $393.73	$240.31
Multi-Stage	$148.26 - $162.42	$155.21
Blended Fair Value	$197.76
Current Price	$43.25
Upside	357.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.99%	17.24%	1.47	1.31	0.96	0.77	0.69	0.64	0.55	0.46	0.40	0.36
YoY Growth	-	-	12.46%	35.96%	25.52%	10.26%	8.08%	17.05%	19.68%	14.01%	12.58%	19.35%
Dividend Yield	-	-	3.65%	2.69%	2.21%	1.92%	2.35%	3.50%	2.28%	1.88%	1.56%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.82
(-) Cash Dividends Paid (M)	36.69
(=) Cash Retained (M)	145.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.36	22.73	13.64
Cash Retained (M)	145.13	145.13	145.13
(-) Cash Required (M)	-36.36	-22.73	-13.64
(=) Excess Retained (M)	108.77	122.40	131.49
(/) Shares Outstanding (M)	24.19	24.19	24.19
(=) Excess Retained per Share	4.50	5.06	5.44
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	4.50	5.06	5.44
(=) Adjusted Dividend	6.01	6.58	6.95
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$161.36	$240.31	$393.73
Upside / Downside	273.08%	455.62%	810.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.82	190.56	199.71	209.30	219.35	229.89	236.79
Payout Ratio	20.18%	34.14%	48.11%	62.07%	76.04%	90.00%	92.50%
Projected Dividends (M)	36.69	65.07	96.08	129.92	166.79	206.90	219.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	59.85	60.43	61.01
Year 2 PV (M)	81.30	82.87	84.46
Year 3 PV (M)	101.13	104.08	107.09
Year 4 PV (M)	119.43	124.10	128.90
Year 5 PV (M)	136.28	142.98	149.93
PV of Terminal Value (M)	3,088.40	3,240.06	3,397.61
Equity Value (M)	3,586.40	3,754.52	3,929.00
Shares Outstanding (M)	24.19	24.19	24.19
Fair Value	$148.26	$155.21	$162.42
Upside / Downside	242.80%	258.87%	275.54%

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Guardian Capital Group Limited (GCG-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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