DDM Analysis: M-II.BK

Valuation Snapshot

Stable Growth	$11.84 - $22.15	$16.04
Multi-Stage	$16.42 - $18.01	$17.20
Blended Fair Value	$16.62
Current Price	$6.00
Upside	177.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	2.28%	3.72%	0.61	0.59	0.62	0.59	0.56	0.55	0.52	0.65	0.84	0.62
YoY Growth	-	-	2.69%	-3.41%	4.24%	5.36%	2.75%	4.21%	-19.50%	-22.28%	35.43%	45.75%
Dividend Yield	-	-	10.80%	8.08%	7.99%	8.14%	8.00%	6.41%	6.19%	6.91%	9.04%	6.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.46
(-) Cash Dividends Paid (M)	60.20
(=) Cash Retained (M)	75.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.09	16.93	10.16
Cash Retained (M)	75.26	75.26	75.26
(-) Cash Required (M)	-27.09	-16.93	-10.16
(=) Excess Retained (M)	48.17	58.33	65.10
(/) Shares Outstanding (M)	172.00	172.00	172.00
(=) Excess Retained per Share	0.28	0.34	0.38
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.28	0.34	0.38
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	1.72%	2.72%	3.72%
Fair Value	$11.84	$16.04	$22.15
Upside / Downside	97.37%	167.41%	269.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.46	139.14	142.92	146.80	150.79	154.88	159.53
Payout Ratio	44.44%	53.55%	62.66%	71.78%	80.89%	90.00%	92.50%
Projected Dividends (M)	60.20	74.51	89.56	105.37	121.97	139.39	147.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	1.72%	2.72%	3.72%
Year 1 PV (M)	68.88	69.56	70.23
Year 2 PV (M)	76.53	78.04	79.57
Year 3 PV (M)	83.23	85.70	88.23
Year 4 PV (M)	89.05	92.61	96.27
Year 5 PV (M)	94.08	98.80	103.70
PV of Terminal Value (M)	2,413.03	2,534.00	2,659.78
Equity Value (M)	2,824.79	2,958.70	3,097.77
Shares Outstanding (M)	172.00	172.00	172.00
Fair Value	$16.42	$17.20	$18.01
Upside / Downside	173.72%	186.70%	200.17%

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Financial Statements

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Sector

MFC Industrial Investment Property and Leasehold Fund (M-II.BK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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