DDM Analysis: GCG-A.TO

Valuation Snapshot

Stable Growth	$187.77 - $555.50	$296.56
Multi-Stage	$169.15 - $185.40	$177.13
Blended Fair Value	$236.84
Current Price	$43.25
Upside	447.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.99%	17.24%	1.47	1.31	0.96	0.77	0.69	0.64	0.55	0.46	0.40	0.36
YoY Growth	-	-	12.46%	35.96%	25.52%	10.26%	8.08%	17.05%	19.68%	14.01%	12.58%	19.35%
Dividend Yield	-	-	3.65%	2.69%	2.21%	1.92%	2.35%	3.50%	2.28%	1.88%	1.56%	1.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.82
(-) Cash Dividends Paid (M)	36.69
(=) Cash Retained (M)	145.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.36	22.73	13.64
Cash Retained (M)	145.13	145.13	145.13
(-) Cash Required (M)	-36.36	-22.73	-13.64
(=) Excess Retained (M)	108.77	122.40	131.49
(/) Shares Outstanding (M)	24.19	24.19	24.19
(=) Excess Retained per Share	4.50	5.06	5.44
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	4.50	5.06	5.44
(=) Adjusted Dividend	6.01	6.58	6.95
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$187.77	$296.56	$555.50
Upside / Downside	334.14%	585.69%	1,184.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.82	190.56	199.71	209.30	219.35	229.89	236.79
Payout Ratio	20.18%	34.14%	48.11%	62.07%	76.04%	90.00%	92.50%
Projected Dividends (M)	36.69	65.07	96.08	129.92	166.79	206.90	219.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	60.16	60.74	61.32
Year 2 PV (M)	82.13	83.72	85.32
Year 3 PV (M)	102.68	105.67	108.73
Year 4 PV (M)	121.87	126.64	131.54
Year 5 PV (M)	139.78	146.64	153.77
PV of Terminal Value (M)	3,585.19	3,761.24	3,944.15
Equity Value (M)	4,091.81	4,284.66	4,484.83
Shares Outstanding (M)	24.19	24.19	24.19
Fair Value	$169.15	$177.13	$185.40
Upside / Downside	291.11%	309.54%	328.67%

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Guardian Capital Group Limited (GCG-A.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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