DDM Analysis: FTT.TO

Valuation Snapshot

Stable Growth	$169.94 - $987.60	$315.77
Multi-Stage	$193.71 - $212.78	$203.07
Blended Fair Value	$259.42
Current Price	$64.65
Upside	301.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.57%	2.50%	1.12	1.09	1.07	1.03	0.99	0.99	0.99	0.93	0.91	0.92
YoY Growth	-	-	3.42%	1.39%	3.60%	4.51%	0.00%	0.00%	6.40%	1.63%	-0.81%	5.10%
Dividend Yield	-	-	2.77%	2.72%	3.18%	2.75%	3.09%	6.55%	4.09%	3.04%	3.68%	4.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	684.00
(-) Cash Dividends Paid (M)	155.00
(=) Cash Retained (M)	529.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.80	85.50	51.30
Cash Retained (M)	529.00	529.00	529.00
(-) Cash Required (M)	-136.80	-85.50	-51.30
(=) Excess Retained (M)	392.20	443.50	477.70
(/) Shares Outstanding (M)	134.46	134.46	134.46
(=) Excess Retained per Share	2.92	3.30	3.55
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	2.92	3.30	3.55
(=) Adjusted Dividend	4.07	4.45	4.71
WACC / Discount Rate	5.41%	5.41%	5.41%
Growth Rate	2.94%	3.94%	4.94%
Fair Value	$169.94	$315.77	$987.60
Upside / Downside	162.86%	388.43%	1,427.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	684.00	710.96	738.98	768.11	798.38	829.85	854.75
Payout Ratio	22.66%	36.13%	49.60%	63.06%	76.53%	90.00%	92.50%
Projected Dividends (M)	155.00	256.86	366.51	484.40	611.02	746.87	790.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.41%	5.41%	5.41%
Growth Rate	2.94%	3.94%	4.94%
Year 1 PV (M)	241.34	243.68	246.03
Year 2 PV (M)	323.56	329.87	336.25
Year 3 PV (M)	401.80	413.62	425.67
Year 4 PV (M)	476.20	494.98	514.30
Year 5 PV (M)	546.90	573.99	602.14
PV of Terminal Value (M)	24,057.04	25,248.44	26,486.59
Equity Value (M)	26,046.84	27,304.59	28,610.98
Shares Outstanding (M)	134.46	134.46	134.46
Fair Value	$193.71	$203.07	$212.78
Upside / Downside	199.64%	214.10%	229.13%

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Finning International Inc. (FTT.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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