DDM Analysis: MMP-UN.TO

Valuation Snapshot

Stable Growth	$1.03 - $1.32	$1.18
Multi-Stage	$2.94 - $3.30	$3.11
Blended Fair Value	$2.15
Current Price	$2.25
Upside	-4.46%
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	-11.87%	-19.17%	0.12	0.13	0.14	0.15	0.19	0.22	0.43	0.43	0.35	0.29
YoY Growth	-	-	-8.25%	-8.92%	-9.07%	-17.06%	-15.66%	-48.57%	-0.69%	23.63%	20.96%	-70.68%
Dividend Yield	-	-	6.59%	7.66%	7.76%	7.05%	8.27%	13.88%	30.88%	21.40%	13.34%	18.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.96
(-) Cash Dividends Paid (M)	1.87
(=) Cash Retained (M)	3.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.99	0.62	0.37
Cash Retained (M)	3.08	3.08	3.08
(-) Cash Required (M)	-0.99	-0.62	-0.37
(=) Excess Retained (M)	2.09	2.46	2.71
(/) Shares Outstanding (M)	10.71	10.71	10.71
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-21.17%	-20.17%	-19.17%
Fair Value	$1.03	$1.18	$1.32
Upside / Downside	-54.15%	-47.35%	-41.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.96	3.96	3.16	2.52	2.01	1.61	1.65
Payout Ratio	37.80%	48.24%	58.68%	69.12%	79.56%	90.00%	92.50%
Projected Dividends (M)	1.87	1.91	1.85	1.74	1.60	1.45	1.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-21.17%	-20.17%	-19.17%
Year 1 PV (M)	1.76	1.78	1.80
Year 2 PV (M)	1.57	1.61	1.66
Year 3 PV (M)	1.36	1.42	1.47
Year 4 PV (M)	1.16	1.22	1.28
Year 5 PV (M)	0.96	1.02	1.09
PV of Terminal Value (M)	24.68	26.29	27.98
Equity Value (M)	31.50	33.34	35.28
Shares Outstanding (M)	10.71	10.71	10.71
Fair Value	$2.94	$3.11	$3.30
Upside / Downside	30.77%	38.43%	46.45%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
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AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
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Precious Metals and Mining Trust (MMP-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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