DDM Analysis: OR

Valuation Snapshot

Stable Growth	$5.24 - $7.46	$6.33
Multi-Stage	$8.01 - $8.79	$8.39
Blended Fair Value	$7.36
Current Price	$55.79
Upside	-86.80%
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	2.23%	0.00%	0.16	0.16	0.20	0.14	0.15	0.15	0.15	0.10	0.08	0.05
YoY Growth	-	-	1.80%	-20.62%	48.97%	-11.94%	5.31%	-1.27%	43.90%	26.17%	55.76%	0.00%
Dividend Yield	-	-	0.77%	0.71%	0.94%	0.82%	1.11%	1.39%	0.99%	0.81%	0.55%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.75
(-) Cash Dividends Paid (M)	32.55
(=) Cash Retained (M)	115.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.55	18.47	11.08
Cash Retained (M)	115.19	115.19	115.19
(-) Cash Required (M)	-29.55	-18.47	-11.08
(=) Excess Retained (M)	85.64	96.72	104.11
(/) Shares Outstanding (M)	188.44	188.44	188.44
(=) Excess Retained per Share	0.45	0.51	0.55
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.45	0.51	0.55
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.24	$6.33	$7.46
Upside / Downside	-90.60%	-88.65%	-86.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.75	146.27	144.81	143.36	141.93	140.51	144.72
Payout Ratio	22.03%	35.63%	49.22%	62.81%	76.41%	90.00%	92.50%
Projected Dividends (M)	32.55	52.11	71.27	90.05	108.44	126.46	133.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	47.01	47.49	47.97
Year 2 PV (M)	58.01	59.20	60.41
Year 3 PV (M)	66.13	68.17	70.26
Year 4 PV (M)	71.84	74.82	77.89
Year 5 PV (M)	75.58	79.52	83.62
PV of Terminal Value (M)	1,190.24	1,252.21	1,316.75
Equity Value (M)	1,508.81	1,581.42	1,656.89
Shares Outstanding (M)	188.44	188.44	188.44
Fair Value	$8.01	$8.39	$8.79
Upside / Downside	-85.65%	-84.96%	-84.24%

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OR Royalties Inc. (OR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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