DDM Analysis: MAG

Valuation Snapshot

Stable Growth	$8.09 - $12.04	$9.97
Multi-Stage	$15.29 - $16.81	$16.03
Blended Fair Value	$13.00
Current Price	$21.13
Upside	-38.47%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	104.01
(-) Cash Dividends Paid (M)	39.32
(=) Cash Retained (M)	64.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.80	13.00	7.80
Cash Retained (M)	64.69	64.69	64.69
(-) Cash Required (M)	-20.80	-13.00	-7.80
(=) Excess Retained (M)	43.89	51.69	56.89
(/) Shares Outstanding (M)	104.40	104.40	104.40
(=) Excess Retained per Share	0.42	0.50	0.54
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.42	0.50	0.54
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.09	$9.97	$12.04
Upside / Downside	-61.72%	-52.82%	-43.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	104.01	102.97	101.94	100.92	99.91	98.91	101.88
Payout Ratio	37.80%	48.24%	58.68%	69.12%	79.56%	90.00%	92.50%
Projected Dividends (M)	39.32	49.67	59.82	69.76	79.49	89.02	94.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45.67	46.14	46.61
Year 2 PV (M)	50.57	51.61	52.66
Year 3 PV (M)	54.23	55.91	57.62
Year 4 PV (M)	56.82	59.18	61.60
Year 5 PV (M)	58.51	61.56	64.73
PV of Terminal Value (M)	1,330.21	1,399.48	1,471.60
Equity Value (M)	1,596.02	1,673.87	1,754.82
Shares Outstanding (M)	104.40	104.40	104.40
Fair Value	$15.29	$16.03	$16.81
Upside / Downside	-27.65%	-24.12%	-20.45%

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MAG Silver Corp. (MAG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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