DDM Analysis: INC-UN.TO

Valuation Snapshot

Stable Growth	$29.68 - $45.29	$36.99
Multi-Stage	$63.15 - $69.49	$66.26
Blended Fair Value	$51.62
Current Price	$8.46
Upside	510.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.44%	0.41%	0.77	1.01	1.18	0.88	0.49	0.72	1.11	1.15	0.84	0.78
YoY Growth	-	-	-23.59%	-14.38%	33.35%	80.46%	-31.78%	-35.28%	-3.28%	37.04%	7.19%	5.51%
Dividend Yield	-	-	8.93%	13.84%	10.17%	5.87%	6.32%	7.91%	11.11%	7.06%	5.93%	6.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.11
(-) Cash Dividends Paid (M)	4.80
(=) Cash Retained (M)	6.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.22	1.39	0.83
Cash Retained (M)	6.31	6.31	6.31
(-) Cash Required (M)	-2.22	-1.39	-0.83
(=) Excess Retained (M)	4.09	4.92	5.48
(/) Shares Outstanding (M)	3.33	3.33	3.33
(=) Excess Retained per Share	1.23	1.48	1.65
LTM Dividend per Share	1.44	1.44	1.44
(+) Excess Retained per Share	1.23	1.48	1.65
(=) Adjusted Dividend	2.67	2.92	3.09
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.68	$36.99	$45.29
Upside / Downside	250.85%	337.22%	435.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.11	11.00	10.89	10.78	10.68	10.57	10.89
Payout Ratio	43.23%	52.59%	61.94%	71.29%	80.65%	90.00%	92.50%
Projected Dividends (M)	4.80	5.79	6.75	7.69	8.61	9.51	10.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.36	5.42	5.47
Year 2 PV (M)	5.79	5.91	6.03
Year 3 PV (M)	6.12	6.31	6.50
Year 4 PV (M)	6.35	6.61	6.88
Year 5 PV (M)	6.50	6.84	7.19
PV of Terminal Value (M)	179.99	189.36	199.12
Equity Value (M)	210.11	220.45	231.20
Shares Outstanding (M)	3.33	3.33	3.33
Fair Value	$63.15	$66.26	$69.49
Upside / Downside	646.49%	683.21%	721.41%

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Income Financial Trust (INC-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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