DDM Analysis: DNG.TO

Valuation Snapshot

Stable Growth	$31.78 - $76.97	$72.13
Multi-Stage	$11.18 - $12.24	$11.70
Blended Fair Value	$41.91
Current Price	$3.37
Upside	1,143.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	26.15%	0.00%	0.09	0.08	0.07	0.06	0.04	0.03	0.01	0.00	0.00	0.00
YoY Growth	-	-	10.70%	14.33%	17.06%	47.33%	46.37%	281.08%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.81%	2.37%	3.28%	2.25%	2.57%	3.17%	0.62%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.80
(-) Cash Dividends Paid (M)	4.46
(=) Cash Retained (M)	11.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.16	1.97	1.18
Cash Retained (M)	11.34	11.34	11.34
(-) Cash Required (M)	-3.16	-1.97	-1.18
(=) Excess Retained (M)	8.18	9.36	10.15
(/) Shares Outstanding (M)	40.82	40.82	40.82
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.78	$72.13	$76.97
Upside / Downside	842.96%	2,040.34%	2,183.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.80	16.83	17.92	19.08	20.33	21.65	22.30
Payout Ratio	28.25%	40.60%	52.95%	65.30%	77.65%	90.00%	92.50%
Projected Dividends (M)	4.46	6.83	9.49	12.46	15.78	19.48	20.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.35	6.41	6.47
Year 2 PV (M)	8.20	8.36	8.52
Year 3 PV (M)	10.02	10.31	10.60
Year 4 PV (M)	11.80	12.26	12.72
Year 5 PV (M)	13.55	14.20	14.88
PV of Terminal Value (M)	406.48	426.12	446.50
Equity Value (M)	456.41	477.66	499.70
Shares Outstanding (M)	40.82	40.82	40.82
Fair Value	$11.18	$11.70	$12.24
Upside / Downside	231.75%	247.20%	263.22%

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Dynacor Group Inc. (DNG.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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