DDM Analysis: SOBO

Valuation Snapshot

Stable Growth	$12.83 - $19.23	$15.87
Multi-Stage	$25.82 - $28.35	$27.06
Blended Fair Value	$21.46
Current Price	$28.29
Upside	-24.13%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	321.44
(-) Cash Dividends Paid (M)	222.93
(=) Cash Retained (M)	98.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.29	40.18	24.11
Cash Retained (M)	98.50	98.50	98.50
(-) Cash Required (M)	-64.29	-40.18	-24.11
(=) Excess Retained (M)	34.22	58.32	74.40
(/) Shares Outstanding (M)	208.68	208.68	208.68
(=) Excess Retained per Share	0.16	0.28	0.36
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.16	0.28	0.36
(=) Adjusted Dividend	1.23	1.35	1.42
WACC / Discount Rate	7.41%	7.41%	7.41%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.83	$15.87	$19.23
Upside / Downside	-54.63%	-43.91%	-32.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	321.44	318.22	315.04	311.89	308.77	305.68	314.85
Payout Ratio	69.36%	73.48%	77.61%	81.74%	85.87%	90.00%	92.50%
Projected Dividends (M)	222.93	233.84	244.51	254.95	265.15	275.12	291.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.41%	7.41%	7.41%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	215.51	217.71	219.91
Year 2 PV (M)	207.68	211.94	216.25
Year 3 PV (M)	199.57	205.74	212.04
Year 4 PV (M)	191.28	199.21	207.38
Year 5 PV (M)	182.92	192.44	202.36
PV of Terminal Value (M)	4,391.39	4,620.06	4,858.16
Equity Value (M)	5,388.36	5,647.11	5,916.10
Shares Outstanding (M)	208.68	208.68	208.68
Fair Value	$25.82	$27.06	$28.35
Upside / Downside	-8.72%	-4.34%	0.21%

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South Bow Corporation (SOBO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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