DDM Analysis: SHURB.XD

Valuation Snapshot

Stable Growth	$59.12 - $90.81	$73.89
Multi-Stage	$127.54 - $140.53	$133.91
Blended Fair Value	$103.90
Current Price	$37.00
Upside	180.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.47%	0.00%	0.73	1.08	1.11	1.03	0.91	0.62	2.64	0.00	0.00	0.00
YoY Growth	-	-	-32.39%	-2.46%	7.45%	13.28%	47.74%	-76.68%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.02%	2.40%	2.90%	2.70%	2.38%	1.61%	6.91%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	628.06
(-) Cash Dividends Paid (M)	136.75
(=) Cash Retained (M)	491.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	125.61	78.51	47.10
Cash Retained (M)	491.31	491.31	491.31
(-) Cash Required (M)	-125.61	-78.51	-47.10
(=) Excess Retained (M)	365.70	412.80	444.21
(/) Shares Outstanding (M)	96.61	96.61	96.61
(=) Excess Retained per Share	3.79	4.27	4.60
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	3.79	4.27	4.60
(=) Adjusted Dividend	5.20	5.69	6.01
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$59.12	$73.89	$90.81
Upside / Downside	59.77%	99.70%	145.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	628.06	621.78	615.56	609.41	603.31	597.28	615.20
Payout Ratio	21.77%	35.42%	49.06%	62.71%	76.35%	90.00%	92.50%
Projected Dividends (M)	136.75	220.23	302.02	382.16	460.66	537.55	569.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	204.46	206.55	208.64
Year 2 PV (M)	260.33	265.67	271.06
Year 3 PV (M)	305.83	315.28	324.93
Year 4 PV (M)	342.26	356.45	371.07
Year 5 PV (M)	370.80	390.11	410.22
PV of Terminal Value (M)	10,837.92	11,402.27	11,989.90
Equity Value (M)	12,321.60	12,936.33	13,575.81
Shares Outstanding (M)	96.61	96.61	96.61
Fair Value	$127.54	$133.91	$140.53
Upside / Downside	244.71%	261.91%	279.80%

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Shurgard Self Storage Ltd (SHURB.XD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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