DDM Analysis: MI-UN.TO

Valuation Snapshot

Stable Growth	$88.14 - $334.90	$256.19
Multi-Stage	$41.62 - $45.53	$43.54
Blended Fair Value	$149.86
Current Price	$13.78
Upside	987.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.07%	0.00%	0.45	0.44	0.43	0.38	0.36	0.22	0.11	0.45	0.00	0.09
YoY Growth	-	-	3.06%	2.83%	13.03%	4.44%	61.26%	100.10%	-74.98%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	3.33%	2.75%	2.88%	1.75%	1.66%	1.15%	0.55%	2.83%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.46
(-) Cash Dividends Paid (M)	26.60
(=) Cash Retained (M)	48.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.09	9.43	5.66
Cash Retained (M)	48.86	48.86	48.86
(-) Cash Required (M)	-15.09	-9.43	-5.66
(=) Excess Retained (M)	33.77	39.43	43.20
(/) Shares Outstanding (M)	44.81	44.81	44.81
(=) Excess Retained per Share	0.75	0.88	0.96
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.75	0.88	0.96
(=) Adjusted Dividend	1.35	1.47	1.56
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$88.14	$256.19	$334.90
Upside / Downside	539.61%	1,759.11%	2,330.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.46	80.37	85.59	91.16	97.08	103.39	106.49
Payout Ratio	35.25%	46.20%	57.15%	68.10%	79.05%	90.00%	92.50%
Projected Dividends (M)	26.60	37.13	48.92	62.08	76.74	93.05	98.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	34.34	34.66	34.99
Year 2 PV (M)	41.84	42.64	43.44
Year 3 PV (M)	49.10	50.51	51.95
Year 4 PV (M)	56.14	58.30	60.52
Year 5 PV (M)	62.96	66.00	69.15
PV of Terminal Value (M)	1,620.58	1,698.85	1,780.12
Equity Value (M)	1,864.96	1,950.97	2,040.18
Shares Outstanding (M)	44.81	44.81	44.81
Fair Value	$41.62	$43.54	$45.53
Upside / Downside	202.00%	215.93%	230.38%

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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
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Minto Apartment Real Estate Investment Trust (MI-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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