DDM Analysis: CEU.TO

Valuation Snapshot

Stable Growth	$49.88 - $155.84	$146.05
Multi-Stage	$20.63 - $22.59	$21.59
Blended Fair Value	$83.82
Current Price	$9.39
Upside	792.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.00%	-7.90%	0.12	0.10	0.07	0.02	0.02	0.07	0.05	0.04	0.06	0.32
YoY Growth	-	-	19.32%	37.94%	300.44%	-4.45%	-73.24%	32.37%	51.21%	-43.27%	-80.44%	17.32%
Dividend Yield	-	-	1.60%	2.05%	2.68%	0.75%	1.17%	8.66%	1.83%	0.62%	0.85%	9.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	178.28
(-) Cash Dividends Paid (M)	32.53
(=) Cash Retained (M)	145.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.66	22.29	13.37
Cash Retained (M)	145.75	145.75	145.75
(-) Cash Required (M)	-35.66	-22.29	-13.37
(=) Excess Retained (M)	110.10	123.47	132.38
(/) Shares Outstanding (M)	227.51	227.51	227.51
(=) Excess Retained per Share	0.48	0.54	0.58
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.48	0.54	0.58
(=) Adjusted Dividend	0.63	0.69	0.72
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.88	$146.05	$155.84
Upside / Downside	431.23%	1,455.34%	1,559.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	178.28	189.87	202.21	215.35	229.35	244.26	251.59
Payout Ratio	18.25%	32.60%	46.95%	61.30%	75.65%	90.00%	92.50%
Projected Dividends (M)	32.53	61.89	94.93	132.01	173.50	219.83	232.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	57.39	57.94	58.48
Year 2 PV (M)	81.63	83.19	84.76
Year 3 PV (M)	105.26	108.29	111.36
Year 4 PV (M)	128.30	133.23	138.30
Year 5 PV (M)	150.74	158.02	165.58
PV of Terminal Value (M)	4,170.93	4,372.39	4,581.55
Equity Value (M)	4,694.25	4,913.04	5,140.04
Shares Outstanding (M)	227.51	227.51	227.51
Fair Value	$20.63	$21.59	$22.59
Upside / Downside	119.74%	129.98%	140.60%

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CES Energy Solutions Corp. (CEU.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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