DDM Analysis: PKI.TO

Valuation Snapshot

Stable Growth	$167.66 - $380.25	$356.35
Multi-Stage	$58.04 - $63.45	$60.70
Blended Fair Value	$208.52
Current Price	$38.50
Upside	441.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.34%	25.80%	1.38	1.35	0.69	0.75	0.77	0.65	0.58	0.55	0.36	0.15
YoY Growth	-	-	2.53%	95.87%	-8.33%	-2.94%	19.30%	11.76%	5.15%	52.04%	134.56%	11.14%
Dividend Yield	-	-	3.84%	3.19%	2.13%	2.03%	2.05%	2.61%	1.38%	1.91%	1.23%	0.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	336.00
(-) Cash Dividends Paid (M)	248.00
(=) Cash Retained (M)	88.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.20	42.00	25.20
Cash Retained (M)	88.00	88.00	88.00
(-) Cash Required (M)	-67.20	-42.00	-25.20
(=) Excess Retained (M)	20.80	46.00	62.80
(/) Shares Outstanding (M)	175.73	175.73	175.73
(=) Excess Retained per Share	0.12	0.26	0.36
LTM Dividend per Share	1.41	1.41	1.41
(+) Excess Retained per Share	0.12	0.26	0.36
(=) Adjusted Dividend	1.53	1.67	1.77
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$167.66	$356.35	$380.25
Upside / Downside	335.48%	825.57%	887.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	336.00	357.84	381.10	405.87	432.25	460.35	474.16
Payout Ratio	73.81%	77.05%	80.29%	83.52%	86.76%	90.00%	92.50%
Projected Dividends (M)	248.00	275.71	305.97	339.00	375.03	414.31	438.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	256.54	258.97	261.40
Year 2 PV (M)	264.90	269.95	275.04
Year 3 PV (M)	273.10	280.94	288.92
Year 4 PV (M)	281.12	291.93	303.05
Year 5 PV (M)	288.98	302.93	317.42
PV of Terminal Value (M)	8,835.02	9,261.76	9,704.83
Equity Value (M)	10,199.66	10,666.48	11,150.67
Shares Outstanding (M)	175.73	175.73	175.73
Fair Value	$58.04	$60.70	$63.45
Upside / Downside	50.75%	57.65%	64.81%

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Parkland Corporation (PKI.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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