DDM Analysis: GIL

Valuation Snapshot

Stable Growth	$51.25 - $101.64	$71.00
Multi-Stage	$78.92 - $86.71	$82.74
Blended Fair Value	$76.87
Current Price	$57.67
Upside	33.30%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2023	2022	2021	2019	2018	2017	2017	2015
DPS	3.40%	9.64%	0.88	0.87	0.81	0.60	0.20	0.74	0.62	0.56	0.49	0.42
YoY Growth	-	-	1.27%	6.49%	36.82%	196.08%	-72.94%	19.40%	11.49%	14.04%	16.76%	19.80%
Dividend Yield	-	-	1.99%	2.34%	2.41%	1.59%	0.66%	5.82%	1.70%	1.93%	1.81%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	473.72
(-) Cash Dividends Paid (M)	135.45
(=) Cash Retained (M)	338.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.74	59.22	35.53
Cash Retained (M)	338.27	338.27	338.27
(-) Cash Required (M)	-94.74	-59.22	-35.53
(=) Excess Retained (M)	243.53	279.06	302.74
(/) Shares Outstanding (M)	152.00	152.00	152.00
(=) Excess Retained per Share	1.60	1.84	1.99
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	1.60	1.84	1.99
(=) Adjusted Dividend	2.49	2.73	2.88
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	1.40%	2.40%	3.40%
Fair Value	$51.25	$71.00	$101.64
Upside / Downside	-11.13%	23.12%	76.24%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	473.72	485.10	496.75	508.68	520.90	533.41	549.42
Payout Ratio	28.59%	40.87%	53.16%	65.44%	77.72%	90.00%	92.50%
Projected Dividends (M)	135.45	198.28	264.05	332.87	404.84	480.07	508.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	1.40%	2.40%	3.40%
Year 1 PV (M)	184.65	186.47	188.29
Year 2 PV (M)	228.99	233.53	238.11
Year 3 PV (M)	268.82	276.85	285.04
Year 4 PV (M)	304.46	316.65	329.20
Year 5 PV (M)	336.22	353.12	370.71
PV of Terminal Value (M)	10,672.73	11,209.47	11,767.59
Equity Value (M)	11,995.86	12,576.09	13,178.94
Shares Outstanding (M)	152.00	152.00	152.00
Fair Value	$78.92	$82.74	$86.71
Upside / Downside	36.85%	43.47%	50.35%

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Gildan Activewear Inc. (GIL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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