DDM Analysis: NET-UN.V

Valuation Snapshot

Stable Growth	$56.32 - $130.20	$122.02
Multi-Stage	$19.50 - $21.33	$20.40
Blended Fair Value	$71.21
Current Price	$5.48
Upside	1,199.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.61%	28.93%	0.34	0.34	0.34	0.27	0.18	0.12	0.09	0.06	0.04	0.03
YoY Growth	-	-	-0.05%	1.84%	24.91%	48.56%	52.80%	33.97%	43.57%	49.98%	20.04%	26.98%
Dividend Yield	-	-	6.47%	6.93%	6.34%	3.34%	2.61%	2.17%	1.59%	1.07%	0.71%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.48
(-) Cash Dividends Paid (M)	7.13
(=) Cash Retained (M)	6.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.70	1.68	1.01
Cash Retained (M)	6.35	6.35	6.35
(-) Cash Required (M)	-2.70	-1.68	-1.01
(=) Excess Retained (M)	3.66	4.67	5.34
(/) Shares Outstanding (M)	20.59	20.59	20.59
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.32	$122.02	$130.20
Upside / Downside	927.77%	2,126.60%	2,275.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.48	14.36	15.29	16.28	17.34	18.47	19.02
Payout Ratio	52.87%	60.29%	67.72%	75.15%	82.57%	90.00%	92.50%
Projected Dividends (M)	7.13	8.66	10.35	12.24	14.32	16.62	17.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.05	8.13	8.20
Year 2 PV (M)	8.96	9.13	9.30
Year 3 PV (M)	9.85	10.13	10.42
Year 4 PV (M)	10.73	11.14	11.56
Year 5 PV (M)	11.58	12.14	12.72
PV of Terminal Value (M)	352.23	369.24	386.91
Equity Value (M)	401.40	419.92	439.12
Shares Outstanding (M)	20.59	20.59	20.59
Fair Value	$19.50	$20.40	$21.33
Upside / Downside	255.77%	272.18%	289.21%

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Canadian Net Real Estate Investment Trust (NET-UN.V)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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