DDM Analysis: CM

Valuation Snapshot

Stable Growth	$379.57 - $1,707.40	$880.20
Multi-Stage	$212.93 - $232.88	$222.72
Blended Fair Value	$551.46
Current Price	$98.96
Upside	457.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.14%	5.95%	3.12	2.39	3.15	2.81	2.72	2.55	2.23	1.51	1.86	1.86
YoY Growth	-	-	30.34%	-23.92%	12.19%	3.03%	6.86%	14.08%	48.00%	-18.71%	0.00%	5.99%
Dividend Yield	-	-	3.41%	3.95%	5.19%	3.52%	4.99%	4.73%	4.02%	2.48%	3.35%	4.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,129.00
(-) Cash Dividends Paid (M)	3,852.00
(=) Cash Retained (M)	4,277.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,625.80	1,016.13	609.68
Cash Retained (M)	4,277.00	4,277.00	4,277.00
(-) Cash Required (M)	-1,625.80	-1,016.13	-609.68
(=) Excess Retained (M)	2,651.20	3,260.88	3,667.33
(/) Shares Outstanding (M)	944.06	944.06	944.06
(=) Excess Retained per Share	2.81	3.45	3.88
LTM Dividend per Share	4.08	4.08	4.08
(+) Excess Retained per Share	2.81	3.45	3.88
(=) Adjusted Dividend	6.89	7.53	7.96
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.18%	6.18%	7.18%
Fair Value	$379.57	$880.20	$1,707.40
Upside / Downside	283.56%	789.45%	1,625.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,129.00	8,631.55	9,165.17	9,731.78	10,333.42	10,972.25	11,301.42
Payout Ratio	47.39%	55.91%	64.43%	72.95%	81.48%	90.00%	92.50%
Projected Dividends (M)	3,852.00	4,825.79	5,905.26	7,099.76	8,419.38	9,875.03	10,453.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	5.18%	6.18%	7.18%
Year 1 PV (M)	4,463.81	4,506.25	4,548.69
Year 2 PV (M)	5,052.58	5,149.11	5,246.55
Year 3 PV (M)	5,618.95	5,780.74	5,945.61
Year 4 PV (M)	6,163.52	6,401.27	6,645.84
Year 5 PV (M)	6,686.89	7,010.86	7,347.27
PV of Terminal Value (M)	173,029.23	181,412.34	190,117.26
Equity Value (M)	201,014.97	210,260.57	219,851.23
Shares Outstanding (M)	944.06	944.06	944.06
Fair Value	$212.93	$222.72	$232.88
Upside / Downside	115.16%	125.06%	135.33%

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Canadian Imperial Bank of Commerce (CM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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