DDM Analysis: ENGH.TO

Valuation Snapshot

Stable Growth	$31.44 - $81.83	$47.79
Multi-Stage	$23.04 - $25.09	$24.05
Blended Fair Value	$35.92
Current Price	$22.95
Upside	56.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.44%	18.92%	0.96	0.81	0.69	0.59	0.49	0.40	0.33	0.29	0.25	0.21
YoY Growth	-	-	18.71%	16.92%	17.06%	21.32%	23.34%	18.65%	13.97%	16.15%	20.55%	22.86%
Dividend Yield	-	-	3.49%	2.17%	1.75%	1.32%	0.80%	0.75%	0.93%	0.90%	0.99%	0.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.18
(-) Cash Dividends Paid (M)	59.68
(=) Cash Retained (M)	15.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.04	9.40	5.64
Cash Retained (M)	15.50	15.50	15.50
(-) Cash Required (M)	-15.04	-9.40	-5.64
(=) Excess Retained (M)	0.46	6.10	9.86
(/) Shares Outstanding (M)	55.25	55.25	55.25
(=) Excess Retained per Share	0.01	0.11	0.18
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	0.01	0.11	0.18
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.44	$47.79	$81.83
Upside / Downside	36.98%	108.23%	256.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.18	80.07	85.27	90.81	96.72	103.00	106.09
Payout Ratio	79.39%	81.51%	83.63%	85.75%	87.88%	90.00%	92.50%
Projected Dividends (M)	59.68	65.26	71.31	77.88	84.99	92.70	98.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.23	59.79	60.35
Year 2 PV (M)	58.73	59.85	60.98
Year 3 PV (M)	58.21	59.88	61.58
Year 4 PV (M)	57.65	59.87	62.15
Year 5 PV (M)	57.07	59.83	62.69
PV of Terminal Value (M)	981.80	1,029.22	1,078.46
Equity Value (M)	1,272.70	1,328.44	1,386.21
Shares Outstanding (M)	55.25	55.25	55.25
Fair Value	$23.04	$24.05	$25.09
Upside / Downside	0.38%	4.78%	9.33%

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Enghouse Systems Limited (ENGH.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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