DDM Analysis: BNS

Valuation Snapshot

Stable Growth	$115.71 - $248.44	$165.00
Multi-Stage	$140.57 - $153.87	$147.10
Blended Fair Value	$156.05
Current Price	$77.03
Upside	102.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.32%	4.66%	4.31	4.17	4.35	4.11	3.69	3.66	3.56	3.35	3.05	2.89
YoY Growth	-	-	3.29%	-4.13%	5.94%	11.16%	0.99%	2.63%	6.47%	9.88%	5.53%	5.64%
Dividend Yield	-	-	5.59%	5.61%	6.93%	5.70%	4.04%	5.34%	4.93%	4.48%	3.72%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,789.00
(-) Cash Dividends Paid (M)	5,638.00
(=) Cash Retained (M)	2,151.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,557.80	973.63	584.18
Cash Retained (M)	2,151.00	2,151.00	2,151.00
(-) Cash Required (M)	-1,557.80	-973.63	-584.18
(=) Excess Retained (M)	593.20	1,177.38	1,566.83
(/) Shares Outstanding (M)	1,246.50	1,246.50	1,246.50
(=) Excess Retained per Share	0.48	0.94	1.26
LTM Dividend per Share	4.52	4.52	4.52
(+) Excess Retained per Share	0.48	0.94	1.26
(=) Adjusted Dividend	5.00	5.47	5.78
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	2.66%	3.66%	4.66%
Fair Value	$115.71	$165.00	$248.44
Upside / Downside	50.22%	114.20%	222.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,789.00	8,073.78	8,368.97	8,674.96	8,992.13	9,320.90	9,600.52
Payout Ratio	72.38%	75.91%	79.43%	82.95%	86.48%	90.00%	92.50%
Projected Dividends (M)	5,638.00	6,128.59	6,647.51	7,196.19	7,776.11	8,388.81	8,880.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	2.66%	3.66%	4.66%
Year 1 PV (M)	5,667.57	5,722.78	5,777.99
Year 2 PV (M)	5,685.03	5,796.32	5,908.70
Year 3 PV (M)	5,691.31	5,859.26	6,030.48
Year 4 PV (M)	5,687.33	5,912.20	6,143.67
Year 5 PV (M)	5,673.92	5,955.71	6,248.59
PV of Terminal Value (M)	146,818.67	154,110.34	161,688.89
Equity Value (M)	175,223.83	183,356.62	191,798.32
Shares Outstanding (M)	1,246.50	1,246.50	1,246.50
Fair Value	$140.57	$147.10	$153.87
Upside / Downside	82.49%	90.96%	99.75%

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Financial Statements

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Sector

The Bank of Nova Scotia (BNS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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