DDM Analysis: CP

Valuation Snapshot

Stable Growth	$433.39 - $915.66	$858.11
Multi-Stage	$137.48 - $150.59	$143.91
Blended Fair Value	$501.01
Current Price	$74.49
Upside	572.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.47%	11.26%	0.77	0.76	0.76	0.55	0.50	0.44	0.38	0.33	0.28	0.24
YoY Growth	-	-	0.28%	0.00%	39.45%	8.57%	13.35%	18.39%	12.26%	21.57%	12.83%	-7.38%
Dividend Yield	-	-	0.76%	0.64%	0.73%	0.53%	0.53%	0.72%	0.67%	0.75%	0.70%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,265.00
(-) Cash Dividends Paid (M)	769.00
(=) Cash Retained (M)	3,496.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	853.00	533.13	319.88
Cash Retained (M)	3,496.00	3,496.00	3,496.00
(-) Cash Required (M)	-853.00	-533.13	-319.88
(=) Excess Retained (M)	2,643.00	2,962.88	3,176.13
(/) Shares Outstanding (M)	926.33	926.33	926.33
(=) Excess Retained per Share	2.85	3.20	3.43
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	2.85	3.20	3.43
(=) Adjusted Dividend	3.68	4.03	4.26
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$433.39	$858.11	$915.66
Upside / Downside	481.81%	1,051.98%	1,129.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,265.00	4,542.23	4,837.47	5,151.91	5,486.78	5,843.42	6,018.72
Payout Ratio	18.03%	32.42%	46.82%	61.21%	75.61%	90.00%	92.50%
Projected Dividends (M)	769.00	1,472.79	2,264.82	3,153.59	4,148.34	5,259.08	5,567.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,371.25	1,384.24	1,397.24
Year 2 PV (M)	1,963.29	2,000.68	2,038.43
Year 3 PV (M)	2,545.25	2,618.32	2,692.77
Year 4 PV (M)	3,117.27	3,237.15	3,360.45
Year 5 PV (M)	3,679.46	3,857.18	4,041.70
PV of Terminal Value (M)	114,675.48	120,214.34	125,965.20
Equity Value (M)	127,351.99	133,311.91	139,495.79
Shares Outstanding (M)	926.33	926.33	926.33
Fair Value	$137.48	$143.91	$150.59
Upside / Downside	84.56%	93.20%	102.16%

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Canadian Pacific Kansas City Ltd. (CP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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