DDM Analysis: PLZ-UN.TO

Valuation Snapshot

Stable Growth	$3.45 - $5.61	$4.42
Multi-Stage	$6.69 - $7.34	$7.01
Blended Fair Value	$5.71
Current Price	$3.91
Upside	46.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.50%	3.48%	0.28	0.27	0.26	0.26	0.26	0.26	0.22	0.22	0.21	0.21
YoY Growth	-	-	1.99%	6.30%	0.01%	-0.05%	-0.61%	18.50%	-2.04%	3.32%	3.21%	5.56%
Dividend Yield	-	-	7.36%	7.58%	6.14%	5.03%	6.45%	8.39%	5.25%	5.44%	4.37%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.15
(-) Cash Dividends Paid (M)	30.91
(=) Cash Retained (M)	4.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.03	4.39	2.64
Cash Retained (M)	4.24	4.24	4.24
(-) Cash Required (M)	-7.03	-4.39	-2.64
(=) Excess Retained (M)	-2.79	-0.15	1.61
(/) Shares Outstanding (M)	111.33	111.33	111.33
(=) Excess Retained per Share	-0.03	0.00	0.01
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	-0.03	0.00	0.01
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$3.45	$4.42	$5.61
Upside / Downside	-11.76%	12.99%	43.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.15	35.34	35.52	35.71	35.89	36.08	37.16
Payout Ratio	87.93%	88.34%	88.76%	89.17%	89.59%	90.00%	92.50%
Projected Dividends (M)	30.91	31.22	31.53	31.84	32.15	32.47	34.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	28.94	29.23	29.52
Year 2 PV (M)	27.09	27.64	28.19
Year 3 PV (M)	25.36	26.13	26.92
Year 4 PV (M)	23.74	24.71	25.71
Year 5 PV (M)	22.22	23.36	24.55
PV of Terminal Value (M)	617.83	649.50	682.46
Equity Value (M)	745.18	780.57	817.34
Shares Outstanding (M)	111.33	111.33	111.33
Fair Value	$6.69	$7.01	$7.34
Upside / Downside	71.19%	79.32%	87.76%

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600724.SS	Ningbo Fuda Company Limited	2.54%	$0.15	96.79%
7505.T	Fuso Dentsu Co., Ltd.	2.54%	$48.50	22.36%
8850.T	Starts Corporation Inc.	2.54%	$121.52	25.36%
BLAU3.SA	Blau Farmacêutica S.A.	2.54%	$0.35	19.81%
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600963.SS	Yueyang Forest & Paper Co., Ltd.	2.53%	$0.12	48.95%
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CK-R.BK	CH. Karnchang Public Company Limited	2.53%	$0.30	25.56%
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600909.SS	Huaan Securities Co., Ltd.	2.52%	$0.17	38.30%
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Plaza Retail REIT (PLZ-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener