DDM Analysis: FNV

Valuation Snapshot

Stable Growth	$57.53 - $94.91	$74.11
Multi-Stage	$47.35 - $51.57	$49.42
Blended Fair Value	$61.77
Current Price	$222.91
Upside	-72.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.89%	10.33%	1.26	1.21	1.02	0.93	0.80	0.72	0.71	0.65	0.61	0.49
YoY Growth	-	-	4.03%	17.91%	10.02%	15.95%	12.08%	1.54%	8.19%	6.52%	25.50%	3.75%
Dividend Yield	-	-	0.80%	1.00%	0.70%	0.58%	0.64%	0.72%	0.95%	0.95%	0.93%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	919.80
(-) Cash Dividends Paid (M)	266.60
(=) Cash Retained (M)	653.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.96	114.98	68.99
Cash Retained (M)	653.20	653.20	653.20
(-) Cash Required (M)	-183.96	-114.98	-68.99
(=) Excess Retained (M)	469.24	538.23	584.22
(/) Shares Outstanding (M)	192.86	192.86	192.86
(=) Excess Retained per Share	2.43	2.79	3.03
LTM Dividend per Share	1.38	1.38	1.38
(+) Excess Retained per Share	2.43	2.79	3.03
(=) Adjusted Dividend	3.82	4.17	4.41
WACC / Discount Rate	12.50%	12.50%	12.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.53	$74.11	$94.91
Upside / Downside	-74.19%	-66.75%	-57.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	919.80	979.59	1,043.26	1,111.07	1,183.29	1,260.21	1,298.01
Payout Ratio	28.98%	41.19%	53.39%	65.59%	77.80%	90.00%	92.50%
Projected Dividends (M)	266.60	403.47	557.00	728.79	920.56	1,134.19	1,200.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.50%	12.50%	12.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	355.28	358.65	362.02
Year 2 PV (M)	431.90	440.13	448.43
Year 3 PV (M)	497.61	511.90	526.45
Year 4 PV (M)	553.48	574.77	596.66
Year 5 PV (M)	600.48	629.48	659.59
PV of Terminal Value (M)	6,693.45	7,016.74	7,352.41
Equity Value (M)	9,132.20	9,531.66	9,945.57
Shares Outstanding (M)	192.86	192.86	192.86
Fair Value	$47.35	$49.42	$51.57
Upside / Downside	-78.76%	-77.83%	-76.87%

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Franco-Nevada Corporation (FNV)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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