DDM Analysis: MRU.TO

Valuation Snapshot

Stable Growth	$95.95 - $223.42	$140.69
Multi-Stage	$68.91 - $75.23	$72.01
Blended Fair Value	$106.35
Current Price	$106.97
Upside	-0.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.17%	11.34%	1.33	1.24	1.16	1.08	1.00	0.90	0.74	0.65	0.57	0.50
YoY Growth	-	-	7.13%	6.63%	7.41%	8.79%	10.96%	20.69%	14.84%	12.90%	13.58%	11.23%
Dividend Yield	-	-	1.47%	1.81%	1.55%	1.61%	1.75%	1.67%	1.57%	1.60%	1.43%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,020.40
(-) Cash Dividends Paid (M)	311.40
(=) Cash Retained (M)	709.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	204.08	127.55	76.53
Cash Retained (M)	709.00	709.00	709.00
(-) Cash Required (M)	-204.08	-127.55	-76.53
(=) Excess Retained (M)	504.92	581.45	632.47
(/) Shares Outstanding (M)	221.73	221.73	221.73
(=) Excess Retained per Share	2.28	2.62	2.85
LTM Dividend per Share	1.40	1.40	1.40
(+) Excess Retained per Share	2.28	2.62	2.85
(=) Adjusted Dividend	3.68	4.03	4.26
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.95	$140.69	$223.42
Upside / Downside	-10.30%	31.52%	108.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,020.40	1,086.73	1,157.36	1,232.59	1,312.71	1,398.04	1,439.98
Payout Ratio	30.52%	42.41%	54.31%	66.21%	78.10%	90.00%	92.50%
Projected Dividends (M)	311.40	460.92	628.57	816.06	1,025.27	1,258.23	1,331.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	416.80	420.75	424.70
Year 2 PV (M)	513.98	523.77	533.65
Year 3 PV (M)	603.41	620.74	638.39
Year 4 PV (M)	685.53	711.90	739.01
Year 5 PV (M)	760.76	797.51	835.66
PV of Terminal Value (M)	12,298.69	12,892.72	13,509.49
Equity Value (M)	15,279.18	15,967.38	16,680.90
Shares Outstanding (M)	221.73	221.73	221.73
Fair Value	$68.91	$72.01	$75.23
Upside / Downside	-35.58%	-32.68%	-29.67%

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Metro Inc. (MRU.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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