DDM Analysis: MFC

Valuation Snapshot

Stable Growth	$30.61 - $46.84	$38.20
Multi-Stage	$66.73 - $73.39	$69.99
Blended Fair Value	$54.09
Current Price	$43.36
Upside	24.76%
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	17.71%	13.25%	1.82	1.72	1.61	1.44	1.35	0.81	1.03	1.03	0.92	0.82
YoY Growth	-	-	6.29%	6.64%	11.48%	6.84%	67.38%	-21.81%	0.45%	11.74%	11.63%	56.81%
Dividend Yield	-	-	4.07%	5.16%	6.49%	5.41%	5.00%	4.58%	4.44%	4.34%	3.89%	4.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,905.00
(-) Cash Dividends Paid (M)	3,261.00
(=) Cash Retained (M)	2,644.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,181.00	738.13	442.88
Cash Retained (M)	2,644.00	2,644.00	2,644.00
(-) Cash Required (M)	-1,181.00	-738.13	-442.88
(=) Excess Retained (M)	1,463.00	1,905.88	2,201.13
(/) Shares Outstanding (M)	1,731.25	1,731.25	1,731.25
(=) Excess Retained per Share	0.85	1.10	1.27
LTM Dividend per Share	1.88	1.88	1.88
(+) Excess Retained per Share	0.85	1.10	1.27
(=) Adjusted Dividend	2.73	2.98	3.16
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$30.61	$38.20	$46.84
Upside / Downside	-29.40%	-11.91%	8.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,905.00	5,845.95	5,787.49	5,729.62	5,672.32	5,615.60	5,784.06
Payout Ratio	55.22%	62.18%	69.13%	76.09%	83.04%	90.00%	92.50%
Projected Dividends (M)	3,261.00	3,634.98	4,001.16	4,359.65	4,710.57	5,054.04	5,350.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,371.20	3,405.60	3,440.00
Year 2 PV (M)	3,441.52	3,512.12	3,583.43
Year 3 PV (M)	3,477.75	3,585.31	3,695.05
Year 4 PV (M)	3,485.00	3,629.44	3,778.32
Year 5 PV (M)	3,467.77	3,648.34	3,836.36
PV of Terminal Value (M)	98,276.38	103,393.86	108,722.34
Equity Value (M)	115,519.63	121,174.67	127,055.50
Shares Outstanding (M)	1,731.25	1,731.25	1,731.25
Fair Value	$66.73	$69.99	$73.39
Upside / Downside	53.89%	61.42%	69.26%

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Manulife Financial Corporation (MFC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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