DDM Analysis: MGA

Valuation Snapshot

Stable Growth	$42.40 - $70.57	$54.83
Multi-Stage	$81.60 - $89.67	$85.56
Blended Fair Value	$70.19
Current Price	$47.38
Upside	48.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.72%	5.48%	1.91	1.85	1.82	1.82	1.65	1.59	1.58	1.41	1.36	1.25
YoY Growth	-	-	3.26%	1.56%	0.00%	10.06%	4.01%	0.22%	12.00%	3.90%	8.76%	12.03%
Dividend Yield	-	-	5.61%	3.46%	3.39%	2.83%	1.88%	4.97%	3.14%	2.61%	3.15%	2.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,033.00
(-) Cash Dividends Paid (M)	542.00
(=) Cash Retained (M)	491.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	206.60	129.13	77.48
Cash Retained (M)	491.00	491.00	491.00
(-) Cash Required (M)	-206.60	-129.13	-77.48
(=) Excess Retained (M)	284.40	361.88	413.53
(/) Shares Outstanding (M)	282.85	282.85	282.85
(=) Excess Retained per Share	1.01	1.28	1.46
LTM Dividend per Share	1.92	1.92	1.92
(+) Excess Retained per Share	1.01	1.28	1.46
(=) Adjusted Dividend	2.92	3.20	3.38
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.33%	0.67%	1.67%
Fair Value	$42.40	$54.83	$70.57
Upside / Downside	-10.50%	15.72%	48.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,033.00	1,039.92	1,046.90	1,053.91	1,060.98	1,068.09	1,100.13
Payout Ratio	52.47%	59.97%	67.48%	74.99%	82.49%	90.00%	92.50%
Projected Dividends (M)	542.00	623.69	706.46	790.30	875.24	961.28	1,017.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-0.33%	0.67%	1.67%
Year 1 PV (M)	579.61	585.42	591.24
Year 2 PV (M)	610.11	622.41	634.84
Year 3 PV (M)	634.27	653.56	673.23
Year 4 PV (M)	652.79	679.38	706.78
Year 5 PV (M)	666.28	700.38	735.87
PV of Terminal Value (M)	19,938.12	20,958.60	22,020.44
Equity Value (M)	23,081.18	24,199.76	25,362.39
Shares Outstanding (M)	282.85	282.85	282.85
Fair Value	$81.60	$85.56	$89.67
Upside / Downside	72.23%	80.58%	89.25%

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Magna International Inc. (MGA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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