DDM Analysis: CTC-A.TO

Valuation Snapshot

Stable Growth	$166.39 - $285.05	$217.72
Multi-Stage	$262.32 - $287.80	$274.82
Blended Fair Value	$246.27
Current Price	$165.67
Upside	48.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.21%	9.79%	6.53	6.55	5.91	4.92	4.77	4.40	4.03	3.08	2.86	2.76
YoY Growth	-	-	-0.28%	10.74%	20.18%	3.12%	8.41%	9.09%	31.00%	7.75%	3.48%	7.64%
Dividend Yield	-	-	4.37%	4.86%	3.35%	2.61%	2.68%	5.18%	2.77%	1.85%	1.81%	2.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	729.90
(-) Cash Dividends Paid (M)	362.70
(=) Cash Retained (M)	367.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	145.98	91.24	54.74
Cash Retained (M)	367.20	367.20	367.20
(-) Cash Required (M)	-145.98	-91.24	-54.74
(=) Excess Retained (M)	221.22	275.96	312.46
(/) Shares Outstanding (M)	55.10	55.10	55.10
(=) Excess Retained per Share	4.01	5.01	5.67
LTM Dividend per Share	6.58	6.58	6.58
(+) Excess Retained per Share	4.01	5.01	5.67
(=) Adjusted Dividend	10.60	11.59	12.25
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	0.76%	1.76%	2.76%
Fair Value	$166.39	$217.72	$285.05
Upside / Downside	0.43%	31.42%	72.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	729.90	742.72	755.77	769.05	782.56	796.31	820.20
Payout Ratio	49.69%	57.75%	65.82%	73.88%	81.94%	90.00%	92.50%
Projected Dividends (M)	362.70	428.95	497.41	568.15	641.22	716.68	758.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.17%	7.17%	7.17%
Growth Rate	0.76%	1.76%	2.76%
Year 1 PV (M)	396.30	400.24	404.17
Year 2 PV (M)	424.58	433.05	441.60
Year 3 PV (M)	448.05	461.53	475.27
Year 4 PV (M)	467.19	486.02	505.40
Year 5 PV (M)	482.43	506.85	532.25
PV of Terminal Value (M)	12,236.23	12,855.62	13,499.84
Equity Value (M)	14,454.79	15,143.30	15,858.54
Shares Outstanding (M)	55.10	55.10	55.10
Fair Value	$262.32	$274.82	$287.80
Upside / Downside	58.34%	65.88%	73.72%

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Canadian Tire Corporation, Limited (CTC-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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