DDM Analysis: EIF.TO

Valuation Snapshot

Stable Growth	$140.85 - $534.48	$410.32
Multi-Stage	$69.47 - $75.83	$72.59
Blended Fair Value	$241.46
Current Price	$72.62
Upside	232.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.59%	12.90%	2.35	2.14	1.82	1.59	1.49	1.36	1.28	1.21	1.05	0.84
YoY Growth	-	-	9.86%	17.56%	14.15%	6.72%	9.99%	6.25%	5.18%	15.54%	24.55%	20.85%
Dividend Yield	-	-	4.72%	4.33%	3.39%	3.72%	3.71%	7.64%	3.81%	4.05%	2.69%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.13
(-) Cash Dividends Paid (M)	134.22
(=) Cash Retained (M)	9.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.83	18.02	10.81
Cash Retained (M)	9.91	9.91	9.91
(-) Cash Required (M)	-28.83	-18.02	-10.81
(=) Excess Retained (M)	-18.92	-8.11	-0.90
(/) Shares Outstanding (M)	53.63	53.63	53.63
(=) Excess Retained per Share	-0.35	-0.15	-0.02
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	-0.35	-0.15	-0.02
(=) Adjusted Dividend	2.15	2.35	2.49
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$140.85	$410.32	$534.48
Upside / Downside	93.96%	465.03%	635.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.13	153.50	163.47	174.10	185.42	197.47	203.39
Payout Ratio	93.13%	92.50%	91.88%	91.25%	90.63%	90.00%	92.50%
Projected Dividends (M)	134.22	141.99	150.19	158.87	168.03	177.72	188.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.32	132.56	133.80
Year 2 PV (M)	128.47	130.91	133.38
Year 3 PV (M)	125.67	129.28	132.96
Year 4 PV (M)	122.94	127.66	132.53
Year 5 PV (M)	120.25	126.06	132.09
PV of Terminal Value (M)	3,097.08	3,246.67	3,401.99
Equity Value (M)	3,725.73	3,893.16	4,066.76
Shares Outstanding (M)	53.63	53.63	53.63
Fair Value	$69.47	$72.59	$75.83
Upside / Downside	-4.33%	-0.04%	4.42%

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Exchange Income Corporation (EIF.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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