DDM Analysis: IGM.TO

Valuation Snapshot

Stable Growth	$49.69 - $82.01	$64.02
Multi-Stage	$84.66 - $92.92	$88.71
Blended Fair Value	$76.37
Current Price	$43.02
Upside	77.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.19%	-0.15%	2.25	2.25	2.26	2.26	2.26	2.27	2.28	2.28	2.29	2.36
YoY Growth	-	-	-0.26%	-0.33%	0.03%	0.16%	-0.53%	-0.50%	0.09%	-0.58%	-2.80%	3.30%
Dividend Yield	-	-	5.07%	6.50%	5.59%	5.11%	5.89%	9.71%	6.56%	6.10%	5.77%	6.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,033.34
(-) Cash Dividends Paid (M)	532.92
(=) Cash Retained (M)	500.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	206.67	129.17	77.50
Cash Retained (M)	500.41	500.41	500.41
(-) Cash Required (M)	-206.67	-129.17	-77.50
(=) Excess Retained (M)	293.74	371.25	422.91
(/) Shares Outstanding (M)	237.76	237.76	237.76
(=) Excess Retained per Share	1.24	1.56	1.78
LTM Dividend per Share	2.24	2.24	2.24
(+) Excess Retained per Share	1.24	1.56	1.78
(=) Adjusted Dividend	3.48	3.80	4.02
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.12%	1.12%	2.12%
Fair Value	$49.69	$64.02	$82.01
Upside / Downside	15.49%	48.83%	90.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,033.34	1,044.92	1,056.63	1,068.47	1,080.44	1,092.55	1,125.33
Payout Ratio	51.57%	59.26%	66.94%	74.63%	82.31%	90.00%	92.50%
Projected Dividends (M)	532.92	619.20	707.35	797.39	889.36	983.30	1,040.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	0.12%	1.12%	2.12%
Year 1 PV (M)	572.29	578.01	583.72
Year 2 PV (M)	604.23	616.36	628.61
Year 3 PV (M)	629.55	648.60	668.03
Year 4 PV (M)	648.96	675.28	702.39
Year 5 PV (M)	663.15	696.93	732.08
PV of Terminal Value (M)	17,010.62	17,877.26	18,778.88
Equity Value (M)	20,128.80	21,092.45	22,093.72
Shares Outstanding (M)	237.76	237.76	237.76
Fair Value	$84.66	$88.71	$92.92
Upside / Downside	96.79%	106.21%	116.00%

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IGM Financial Inc. (IGM.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener