DDM Analysis: DFY.TO

Valuation Snapshot

Stable Growth	$26.91 - $38.24	$32.49
Multi-Stage	$40.61 - $44.61	$42.57
Blended Fair Value	$37.53
Current Price	$79.37
Upside	-52.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.63	0.54	0.54	16.20	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	16.61%	-0.16%	-96.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.98%	1.24%	1.52%	50.73%	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)	476.80
(-) Cash Dividends Paid (M)	84.50
(=) Cash Retained (M)	392.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	95.36	59.60	35.76
Cash Retained (M)	392.30	392.30	392.30
(-) Cash Required (M)	-95.36	-59.60	-35.76
(=) Excess Retained (M)	296.94	332.70	356.54
(/) Shares Outstanding (M)	117.85	117.85	117.85
(=) Excess Retained per Share	2.52	2.82	3.03
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	2.52	2.82	3.03
(=) Adjusted Dividend	3.24	3.54	3.74
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.91	$32.49	$38.24
Upside / Downside	-66.10%	-59.07%	-51.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	476.80	472.03	467.31	462.64	458.01	453.43	467.04
Payout Ratio	17.72%	32.18%	46.63%	61.09%	75.54%	90.00%	92.50%
Projected Dividends (M)	84.50	151.89	217.92	282.62	346.00	408.09	432.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	136.95	138.35	139.75
Year 2 PV (M)	177.17	180.80	184.47
Year 3 PV (M)	207.16	213.57	220.11
Year 4 PV (M)	228.68	238.16	247.93
Year 5 PV (M)	243.19	255.85	269.04
PV of Terminal Value (M)	3,792.77	3,990.26	4,195.91
Equity Value (M)	4,785.92	5,016.99	5,257.19
Shares Outstanding (M)	117.85	117.85	117.85
Fair Value	$40.61	$42.57	$44.61
Upside / Downside	-48.83%	-46.36%	-43.80%

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Definity Financial Corporation (DFY.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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