DDM Analysis: GSY.TO

Valuation Snapshot

Stable Growth	$1,056.37 - $2,732.08	$2,560.36
Multi-Stage	$388.24 - $425.06	$406.31
Blended Fair Value	$1,483.34
Current Price	$173.37
Upside	755.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	34.31%	32.01%	4.29	3.60	3.04	2.21	1.41	0.98	0.69	0.53	0.38	0.30
YoY Growth	-	-	19.40%	18.09%	37.72%	56.87%	43.45%	42.54%	31.27%	39.63%	23.43%	14.07%
Dividend Yield	-	-	2.84%	2.28%	3.19%	1.58%	1.13%	2.70%	1.62%	1.44%	1.23%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	232.86
(-) Cash Dividends Paid (M)	61.06
(=) Cash Retained (M)	171.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.57	29.11	17.46
Cash Retained (M)	171.80	171.80	171.80
(-) Cash Required (M)	-46.57	-29.11	-17.46
(=) Excess Retained (M)	125.23	142.69	154.34
(/) Shares Outstanding (M)	16.95	16.95	16.95
(=) Excess Retained per Share	7.39	8.42	9.11
LTM Dividend per Share	3.60	3.60	3.60
(+) Excess Retained per Share	7.39	8.42	9.11
(=) Adjusted Dividend	10.99	12.02	12.71
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,056.37	$2,560.36	$2,732.08
Upside / Downside	509.32%	1,376.82%	1,475.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	232.86	247.99	264.11	281.28	299.56	319.03	328.61
Payout Ratio	26.22%	38.98%	51.73%	64.49%	77.24%	90.00%	92.50%
Projected Dividends (M)	61.06	96.66	136.63	181.39	231.39	287.13	303.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	89.82	90.68	91.53
Year 2 PV (M)	117.99	120.24	122.51
Year 3 PV (M)	145.57	149.75	154.01
Year 4 PV (M)	172.57	179.21	186.04
Year 5 PV (M)	199.00	208.61	218.59
PV of Terminal Value (M)	5,855.75	6,138.59	6,432.25
Equity Value (M)	6,580.72	6,887.08	7,204.93
Shares Outstanding (M)	16.95	16.95	16.95
Fair Value	$388.24	$406.31	$425.06
Upside / Downside	123.94%	134.36%	145.18%

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goeasy Ltd. (GSY.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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