DDM Analysis: FFH.TO

Valuation Snapshot

Stable Growth	$6,261.22 - $31,159.69	$11,180.48
Multi-Stage	$5,000.65 - $5,484.59	$5,238.10
Blended Fair Value	$8,209.29
Current Price	$1,805.40
Upside	354.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	5.35%	15.67	10.58	10.79	11.75	11.90	12.00	12.22	10.25	9.83	9.33
YoY Growth	-	-	48.08%	-1.88%	-8.16%	-1.31%	-0.83%	-1.84%	19.29%	4.21%	5.41%	0.19%
Dividend Yield	-	-	1.08%	0.98%	1.62%	2.15%	2.73%	3.91%	2.66%	2.01%	2.16%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,565.40
(-) Cash Dividends Paid (M)	343.60
(=) Cash Retained (M)	4,221.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	913.08	570.68	342.41
Cash Retained (M)	4,221.80	4,221.80	4,221.80
(-) Cash Required (M)	-913.08	-570.68	-342.41
(=) Excess Retained (M)	3,308.72	3,651.13	3,879.40
(/) Shares Outstanding (M)	23.17	23.17	23.17
(=) Excess Retained per Share	142.82	157.60	167.46
LTM Dividend per Share	14.83	14.83	14.83
(+) Excess Retained per Share	142.82	157.60	167.46
(=) Adjusted Dividend	157.65	172.43	182.29
WACC / Discount Rate	6.70%	6.70%	6.70%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$6,261.22	$11,180.48	$31,159.69
Upside / Downside	246.81%	519.28%	1,625.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,565.40	4,797.10	5,040.56	5,296.37	5,565.16	5,847.60	6,023.03
Payout Ratio	7.53%	24.02%	40.52%	57.01%	73.51%	90.00%	92.50%
Projected Dividends (M)	343.60	1,152.31	2,042.22	3,019.48	4,090.69	5,262.84	5,571.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.70%	6.70%	6.70%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	1,069.72	1,080.00	1,090.27
Year 2 PV (M)	1,759.96	1,793.94	1,828.25
Year 3 PV (M)	2,415.65	2,485.95	2,557.61
Year 4 PV (M)	3,038.07	3,156.53	3,278.42
Year 5 PV (M)	3,628.46	3,806.16	3,990.75
PV of Terminal Value (M)	103,936.56	109,026.78	114,314.52
Equity Value (M)	115,848.41	121,349.36	127,059.82
Shares Outstanding (M)	23.17	23.17	23.17
Fair Value	$5,000.65	$5,238.10	$5,484.59
Upside / Downside	176.98%	190.14%	203.79%

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Fairfax Financial Holdings Limited (FFH.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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