DDM Analysis: WJX.TO

Valuation Snapshot

Stable Growth	$41.25 - $93.64	$59.97
Multi-Stage	$54.19 - $59.39	$56.74
Blended Fair Value	$58.36
Current Price	$24.20
Upside	141.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.42%	-2.91%	1.35	1.21	0.97	0.95	0.91	0.90	0.89	0.89	0.90	0.97
YoY Growth	-	-	12.34%	24.53%	1.64%	5.18%	0.18%	1.82%	-0.15%	-1.24%	-7.20%	-46.69%
Dividend Yield	-	-	7.69%	3.64%	3.93%	4.82%	4.56%	13.99%	5.29%	3.79%	3.93%	5.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.37
(-) Cash Dividends Paid (M)	30.48
(=) Cash Retained (M)	15.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.27	5.80	3.48
Cash Retained (M)	15.88	15.88	15.88
(-) Cash Required (M)	-9.27	-5.80	-3.48
(=) Excess Retained (M)	6.61	10.09	12.41
(/) Shares Outstanding (M)	22.12	22.12	22.12
(=) Excess Retained per Share	0.30	0.46	0.56
LTM Dividend per Share	1.38	1.38	1.38
(+) Excess Retained per Share	0.30	0.46	0.56
(=) Adjusted Dividend	1.68	1.83	1.94
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.34%	3.34%	4.34%
Fair Value	$41.25	$59.97	$93.64
Upside / Downside	70.46%	147.82%	286.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.37	47.92	49.52	51.17	52.88	54.65	56.28
Payout Ratio	65.74%	70.59%	75.45%	80.30%	85.15%	90.00%	92.50%
Projected Dividends (M)	30.48	33.83	37.36	41.09	45.03	49.18	52.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	2.34%	3.34%	4.34%
Year 1 PV (M)	31.45	31.76	32.07
Year 2 PV (M)	32.30	32.94	33.58
Year 3 PV (M)	33.04	34.01	35.01
Year 4 PV (M)	33.66	35.00	36.37
Year 5 PV (M)	34.19	35.89	37.67
PV of Terminal Value (M)	1,033.92	1,085.43	1,138.97
Equity Value (M)	1,198.56	1,255.03	1,313.67
Shares Outstanding (M)	22.12	22.12	22.12
Fair Value	$54.19	$56.74	$59.39
Upside / Downside	123.92%	134.47%	145.43%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
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%
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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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Wajax Corporation (WJX.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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