DDM Analysis: MAG

Valuation Snapshot

Stable Growth	$6.52 - $9.23	$7.86
Multi-Stage	$10.02 - $10.99	$10.49
Blended Fair Value	$9.18
Current Price	$21.13
Upside	-56.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.01
(-) Cash Dividends Paid (M)	39.32
(=) Cash Retained (M)	64.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.80	13.00	7.80
Cash Retained (M)	64.69	64.69	64.69
(-) Cash Required (M)	-20.80	-13.00	-7.80
(=) Excess Retained (M)	43.89	51.69	56.89
(/) Shares Outstanding (M)	104.40	104.40	104.40
(=) Excess Retained per Share	0.42	0.50	0.54
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.42	0.50	0.54
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.52	$7.86	$9.23
Upside / Downside	-69.15%	-62.81%	-56.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.01	102.97	101.94	100.92	99.91	98.91	101.88
Payout Ratio	37.80%	48.24%	58.68%	69.12%	79.56%	90.00%	92.50%
Projected Dividends (M)	39.32	49.67	59.82	69.76	79.49	89.02	94.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.71	45.16	45.62
Year 2 PV (M)	48.46	49.45	50.46
Year 3 PV (M)	50.86	52.44	54.04
Year 4 PV (M)	52.17	54.33	56.56
Year 5 PV (M)	52.58	55.32	58.17
PV of Terminal Value (M)	797.30	838.82	882.05
Equity Value (M)	1,046.08	1,095.52	1,146.90
Shares Outstanding (M)	104.40	104.40	104.40
Fair Value	$10.02	$10.49	$10.99
Upside / Downside	-52.58%	-50.34%	-48.01%

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MAG Silver Corp. (MAG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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