DDM Analysis: IAF-PI.TO

Valuation Snapshot

Stable Growth	$29.25 - $44.86	$36.54
Multi-Stage	$62.76 - $69.13	$65.88
Blended Fair Value	$51.21
Current Price	$24.99
Upside	104.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	12.59%	9.83%	1.07	0.87	0.81	0.74	0.69	0.59	0.52	0.32	0.33	0.36
YoY Growth	-	-	23.58%	6.96%	9.52%	8.25%	15.48%	15.07%	62.22%	-4.26%	-8.74%	-13.45%
Dividend Yield	-	-	4.30%	3.46%	3.28%	5.54%	3.12%	2.35%	2.07%	1.27%	1.33%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	916.00
(-) Cash Dividends Paid (M)	231.00
(=) Cash Retained (M)	685.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.20	114.50	68.70
Cash Retained (M)	685.00	685.00	685.00
(-) Cash Required (M)	-183.20	-114.50	-68.70
(=) Excess Retained (M)	501.80	570.50	616.30
(/) Shares Outstanding (M)	283.04	283.04	283.04
(=) Excess Retained per Share	1.77	2.02	2.18
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	1.77	2.02	2.18
(=) Adjusted Dividend	2.59	2.83	2.99
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.25	$36.54	$44.86
Upside / Downside	17.07%	46.21%	79.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	916.00	906.84	897.77	888.79	879.91	871.11	897.24
Payout Ratio	25.22%	38.17%	51.13%	64.09%	77.04%	90.00%	92.50%
Projected Dividends (M)	231.00	346.18	459.04	569.60	677.91	784.00	829.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	321.25	324.53	327.81
Year 2 PV (M)	395.30	403.41	411.60
Year 3 PV (M)	455.18	469.26	483.62
Year 4 PV (M)	502.71	523.55	545.02
Year 5 PV (M)	539.51	567.60	596.85
PV of Terminal Value (M)	15,549.47	16,359.17	17,202.25
Equity Value (M)	17,763.42	18,647.51	19,567.15
Shares Outstanding (M)	283.04	283.04	283.04
Fair Value	$62.76	$65.88	$69.13
Upside / Downside	151.14%	163.64%	176.64%

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iA Financial Corporation Inc. (IAF-PI.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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