DDM Analysis: WJX.TO

Valuation Snapshot

Stable Growth	$41.24 - $93.58	$59.95
Multi-Stage	$54.17 - $59.37	$56.72
Blended Fair Value	$58.33
Current Price	$24.20
Upside	141.05%
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	$41.24	$59.95	$93.58
Upside / Downside	70.40%	147.72%	286.70%

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)	33.03	34.01	35.01
Year 4 PV (M)	33.66	35.00	36.37
Year 5 PV (M)	34.19	35.89	37.66
PV of Terminal Value (M)	1,033.47	1,084.96	1,138.48
Equity Value (M)	1,198.11	1,254.55	1,313.16
Shares Outstanding (M)	22.12	22.12	22.12
Fair Value	$54.17	$56.72	$59.37
Upside / Downside	123.84%	134.38%	145.33%

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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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