DDM Analysis: IMO

Valuation Snapshot

Stable Growth	$524.81 - $1,557.49	$1,459.60
Multi-Stage	$212.48 - $232.53	$222.32
Blended Fair Value	$840.96
Current Price	$90.74
Upside	826.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.43%	10.87%	2.42	2.16	1.67	1.38	1.27	1.24	1.12	1.03	0.96	0.88
YoY Growth	-	-	12.24%	29.61%	20.54%	8.78%	2.85%	10.31%	9.16%	6.50%	9.58%	1.81%
Dividend Yield	-	-	3.35%	2.29%	2.43%	2.29%	4.19%	7.80%	3.05%	3.00%	2.37%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,998.19
(-) Cash Dividends Paid (M)	1,357.00
(=) Cash Retained (M)	2,641.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	799.64	499.77	299.86
Cash Retained (M)	2,641.19	2,641.19	2,641.19
(-) Cash Required (M)	-799.64	-499.77	-299.86
(=) Excess Retained (M)	1,841.55	2,141.41	2,341.32
(/) Shares Outstanding (M)	510.53	510.53	510.53
(=) Excess Retained per Share	3.61	4.19	4.59
LTM Dividend per Share	2.66	2.66	2.66
(+) Excess Retained per Share	3.61	4.19	4.59
(=) Adjusted Dividend	6.27	6.85	7.24
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$524.81	$1,459.60	$1,557.49
Upside / Downside	478.36%	1,508.55%	1,616.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,998.19	4,258.07	4,534.85	4,829.61	5,143.53	5,477.86	5,642.20
Payout Ratio	33.94%	45.15%	56.36%	67.58%	78.79%	90.00%	92.50%
Projected Dividends (M)	1,357.00	1,922.62	2,556.03	3,263.66	4,052.49	4,930.08	5,219.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,783.98	1,800.89	1,817.80
Year 2 PV (M)	2,200.69	2,242.61	2,284.92
Year 3 PV (M)	2,607.32	2,682.17	2,758.44
Year 4 PV (M)	3,004.06	3,119.58	3,238.41
Year 5 PV (M)	3,391.06	3,554.85	3,724.91
PV of Terminal Value (M)	95,487.29	100,099.36	104,887.95
Equity Value (M)	108,474.40	113,499.46	118,712.42
Shares Outstanding (M)	510.53	510.53	510.53
Fair Value	$212.48	$222.32	$232.53
Upside / Downside	134.16%	145.01%	156.26%

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Imperial Oil Limited (IMO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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