DDM Analysis: SLF

Valuation Snapshot

Stable Growth	$117.06 - $291.19	$175.43
Multi-Stage	$136.37 - $149.37	$142.75
Blended Fair Value	$159.09
Current Price	$83.56
Upside	90.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.28%	8.27%	3.43	2.48	2.92	2.50	1.87	2.30	2.14	2.02	1.88	1.61
YoY Growth	-	-	38.17%	-15.02%	17.02%	33.77%	-19.01%	7.42%	6.23%	7.54%	16.61%	3.95%
Dividend Yield	-	-	4.16%	3.40%	4.63%	3.58%	2.94%	5.11%	4.10%	3.81%	3.86%	3.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,094.00
(-) Cash Dividends Paid (M)	2,029.00
(=) Cash Retained (M)	1,065.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	618.80	386.75	232.05
Cash Retained (M)	1,065.00	1,065.00	1,065.00
(-) Cash Required (M)	-618.80	-386.75	-232.05
(=) Excess Retained (M)	446.20	678.25	832.95
(/) Shares Outstanding (M)	572.25	572.25	572.25
(=) Excess Retained per Share	0.78	1.19	1.46
LTM Dividend per Share	3.55	3.55	3.55
(+) Excess Retained per Share	0.78	1.19	1.46
(=) Adjusted Dividend	4.33	4.73	5.00
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.87%	3.87%	4.87%
Fair Value	$117.06	$175.43	$291.19
Upside / Downside	40.09%	109.94%	248.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,094.00	3,213.79	3,338.23	3,467.47	3,601.73	3,741.18	3,853.42
Payout Ratio	65.58%	70.46%	75.35%	80.23%	85.12%	90.00%	92.50%
Projected Dividends (M)	2,029.00	2,264.53	2,515.26	2,782.00	3,065.64	3,367.06	3,564.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.87%	3.87%	4.87%
Year 1 PV (M)	2,102.43	2,122.87	2,143.31
Year 2 PV (M)	2,168.06	2,210.41	2,253.18
Year 3 PV (M)	2,226.34	2,291.89	2,358.73
Year 4 PV (M)	2,277.71	2,367.57	2,460.07
Year 5 PV (M)	2,322.59	2,437.69	2,557.32
PV of Terminal Value (M)	66,941.13	70,258.62	73,706.36
Equity Value (M)	78,038.26	81,689.07	85,478.96
Shares Outstanding (M)	572.25	572.25	572.25
Fair Value	$136.37	$142.75	$149.37
Upside / Downside	63.20%	70.84%	78.76%

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Sun Life Financial Inc. (SLF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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