DDM Analysis: MRG-UN.TO

Valuation Snapshot

Stable Growth	$57.04 - $167.63	$89.92
Multi-Stage	$52.10 - $57.08	$54.54
Blended Fair Value	$72.23
Current Price	$18.26
Upside	295.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.58%	4.44%	0.65	0.65	0.64	0.64	0.64	0.57	0.53	0.51	0.42	0.42
YoY Growth	-	-	-0.52%	1.08%	0.38%	-0.36%	12.96%	8.17%	4.22%	20.72%	0.05%	-0.18%
Dividend Yield	-	-	3.73%	4.13%	3.70%	3.27%	4.13%	4.25%	2.87%	3.69%	2.83%	3.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.05
(-) Cash Dividends Paid (M)	26.65
(=) Cash Retained (M)	68.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.01	11.88	7.13
Cash Retained (M)	68.41	68.41	68.41
(-) Cash Required (M)	-19.01	-11.88	-7.13
(=) Excess Retained (M)	49.40	56.52	61.28
(/) Shares Outstanding (M)	41.43	41.43	41.43
(=) Excess Retained per Share	1.19	1.36	1.48
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	1.19	1.36	1.48
(=) Adjusted Dividend	1.84	2.01	2.12
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.77%	4.77%	5.77%
Fair Value	$57.04	$89.92	$167.63
Upside / Downside	212.39%	392.45%	818.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.05	99.59	104.34	109.32	114.54	120.01	123.61
Payout Ratio	28.03%	40.43%	52.82%	65.21%	77.61%	90.00%	92.50%
Projected Dividends (M)	26.65	40.26	55.11	71.29	88.89	108.01	114.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.77%	4.77%	5.77%
Year 1 PV (M)	37.23	37.59	37.94
Year 2 PV (M)	47.12	48.04	48.96
Year 3 PV (M)	56.37	58.01	59.69
Year 4 PV (M)	64.99	67.53	70.15
Year 5 PV (M)	73.02	76.60	80.33
PV of Terminal Value (M)	1,879.55	1,971.87	2,067.79
Equity Value (M)	2,158.27	2,259.64	2,364.86
Shares Outstanding (M)	41.43	41.43	41.43
Fair Value	$52.10	$54.54	$57.08
Upside / Downside	185.31%	198.71%	212.61%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
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%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Morguard North American Residential Real Estate Investment Trust (MRG-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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