DDM Analysis: CIQ-UN.TO

Valuation Snapshot

Stable Growth	$9.67 - $12.40	$11.13
Multi-Stage	$29.08 - $32.60	$30.80
Blended Fair Value	$20.97
Current Price	$6.53
Upside	221.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-17.73%	-19.97%	0.46	0.51	0.62	0.78	0.99	1.22	1.46	2.31	3.36	3.66
YoY Growth	-	-	-10.56%	-17.18%	-20.53%	-21.68%	-18.25%	-16.51%	-36.82%	-31.46%	-8.07%	-13.94%
Dividend Yield	-	-	7.02%	7.48%	7.89%	11.00%	13.05%	17.40%	15.47%	23.87%	41.54%	36.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4.92
(-) Cash Dividends Paid (M)	1.19
(=) Cash Retained (M)	3.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.98	0.61	0.37
Cash Retained (M)	3.72	3.72	3.72
(-) Cash Required (M)	-0.98	-0.61	-0.37
(=) Excess Retained (M)	2.74	3.11	3.36
(/) Shares Outstanding (M)	1.23	1.23	1.23
(=) Excess Retained per Share	2.23	2.53	2.73
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	2.23	2.53	2.73
(=) Adjusted Dividend	3.20	3.50	3.70
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-19.73%	-18.73%	-17.73%
Fair Value	$9.67	$11.13	$12.40
Upside / Downside	48.16%	70.49%	89.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.92	4.00	3.25	2.64	2.15	1.74	1.80
Payout Ratio	24.28%	37.43%	50.57%	63.71%	76.86%	90.00%	92.50%
Projected Dividends (M)	1.19	1.50	1.64	1.68	1.65	1.57	1.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	-19.73%	-18.73%	-17.73%
Year 1 PV (M)	1.38	1.40	1.42
Year 2 PV (M)	1.40	1.44	1.48
Year 3 PV (M)	1.33	1.38	1.43
Year 4 PV (M)	1.21	1.27	1.33
Year 5 PV (M)	1.06	1.13	1.20
PV of Terminal Value (M)	29.39	31.26	33.23
Equity Value (M)	35.77	37.88	40.09
Shares Outstanding (M)	1.23	1.23	1.23
Fair Value	$29.08	$30.80	$32.60
Upside / Downside	345.39%	371.64%	399.17%

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Financial Statements

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Canadian High Income Equity Fund (CIQ-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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