DDM Analysis: CU-X.TO

Valuation Snapshot

Stable Growth	$25.98 - $42.14	$33.23
Multi-Stage	$54.82 - $60.15	$57.43
Blended Fair Value	$45.33
Current Price	$34.40
Upside	31.79%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	4.37%	12.76%	1.98	1.98	2.00	2.01	1.96	1.60	1.34	1.35	1.00	0.84
YoY Growth	-	-	0.00%	-1.11%	-0.55%	2.84%	22.45%	19.01%	-0.27%	35.32%	18.50%	40.99%
Dividend Yield	-	-	5.75%	5.31%	5.28%	5.92%	5.76%	4.38%	3.90%	3.46%	2.72%	2.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	649.00
(-) Cash Dividends Paid (M)	624.00
(=) Cash Retained (M)	25.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.80	81.13	48.68
Cash Retained (M)	25.00	25.00	25.00
(-) Cash Required (M)	-129.80	-81.13	-48.68
(=) Excess Retained (M)	-104.80	-56.13	-23.68
(/) Shares Outstanding (M)	270.27	270.27	270.27
(=) Excess Retained per Share	-0.39	-0.21	-0.09
LTM Dividend per Share	2.31	2.31	2.31
(+) Excess Retained per Share	-0.39	-0.21	-0.09
(=) Adjusted Dividend	1.92	2.10	2.22
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-0.84%	0.16%	1.16%
Fair Value	$25.98	$33.23	$42.14
Upside / Downside	-24.48%	-3.39%	22.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	649.00	650.07	651.14	652.21	653.28	654.36	673.99
Payout Ratio	96.15%	94.92%	93.69%	92.46%	91.23%	90.00%	92.50%
Projected Dividends (M)	624.00	617.03	610.04	603.03	595.99	588.92	623.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	-0.84%	0.16%	1.16%
Year 1 PV (M)	573.60	579.39	585.17
Year 2 PV (M)	527.19	537.88	548.67
Year 3 PV (M)	484.45	499.25	514.36
Year 4 PV (M)	445.10	463.32	482.10
Year 5 PV (M)	408.86	429.90	451.79
PV of Terminal Value (M)	12,376.48	13,013.23	13,675.92
Equity Value (M)	14,815.68	15,522.97	16,258.02
Shares Outstanding (M)	270.27	270.27	270.27
Fair Value	$54.82	$57.43	$60.15
Upside / Downside	59.35%	66.96%	74.87%

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Canadian Utilities Limited (CU-X.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener