DDM Analysis: ACO-X.TO

Valuation Snapshot

Stable Growth	$41.14 - $66.13	$52.42
Multi-Stage	$85.30 - $93.79	$89.46
Blended Fair Value	$70.94
Current Price	$50.78
Upside	39.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.41%	8.31%	1.96	1.91	1.88	1.82	1.78	1.65	1.54	1.33	1.16	1.01
YoY Growth	-	-	2.33%	1.90%	2.93%	2.50%	7.53%	7.51%	15.33%	14.50%	14.91%	15.15%
Dividend Yield	-	-	3.90%	5.09%	4.33%	4.25%	4.26%	4.24%	3.40%	3.22%	2.25%	2.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	439.00
(-) Cash Dividends Paid (M)	223.00
(=) Cash Retained (M)	216.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.80	54.88	32.93
Cash Retained (M)	216.00	216.00	216.00
(-) Cash Required (M)	-87.80	-54.88	-32.93
(=) Excess Retained (M)	128.20	161.13	183.08
(/) Shares Outstanding (M)	112.49	112.49	112.49
(=) Excess Retained per Share	1.14	1.43	1.63
LTM Dividend per Share	1.98	1.98	1.98
(+) Excess Retained per Share	1.14	1.43	1.63
(=) Adjusted Dividend	3.12	3.41	3.61
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-1.02%	-0.02%	0.98%
Fair Value	$41.14	$52.42	$66.13
Upside / Downside	-18.99%	3.24%	30.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	439.00	438.93	438.85	438.78	438.71	438.64	451.80
Payout Ratio	50.80%	58.64%	66.48%	74.32%	82.16%	90.00%	92.50%
Projected Dividends (M)	223.00	257.38	291.74	326.10	360.44	394.77	417.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-1.02%	-0.02%	0.98%
Year 1 PV (M)	239.26	241.68	244.09
Year 2 PV (M)	252.12	257.24	262.41
Year 3 PV (M)	261.97	269.99	278.17
Year 4 PV (M)	269.18	280.22	291.60
Year 5 PV (M)	274.06	288.19	302.89
PV of Terminal Value (M)	8,298.64	8,726.39	9,171.60
Equity Value (M)	9,595.23	10,063.71	10,550.77
Shares Outstanding (M)	112.49	112.49	112.49
Fair Value	$85.30	$89.46	$93.79
Upside / Downside	67.98%	76.18%	84.71%

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ATCO Ltd. (ACO-X.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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