DDM Analysis: MBN.TO

Valuation Snapshot

Stable Growth	$0.31 - $0.44	$0.37
Multi-Stage	$0.48 - $0.53	$0.51
Blended Fair Value	$0.44
Current Price	$7.67
Upside	-94.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
DPS	0.00%	0.00%	0.29	0.31	0.00	0.09	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-5.63%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.82%	5.00%	0.00%	1.30%	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)	0.22
(-) Cash Dividends Paid (M)	0.10
(=) Cash Retained (M)	0.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.04	0.03	0.02
Cash Retained (M)	0.12	0.12	0.12
(-) Cash Required (M)	-0.04	-0.03	-0.02
(=) Excess Retained (M)	0.07	0.09	0.10
(/) Shares Outstanding (M)	4.54	4.54	4.54
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.31	$0.37	$0.44
Upside / Downside	-95.96%	-95.13%	-94.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	0.22	0.21	0.21	0.21	0.21	0.20	0.21
Payout Ratio	46.46%	55.17%	63.88%	72.58%	81.29%	90.00%	92.50%
Projected Dividends (M)	0.10	0.12	0.13	0.15	0.17	0.18	0.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.11	0.11	0.11
Year 2 PV (M)	0.11	0.11	0.11
Year 3 PV (M)	0.11	0.11	0.12
Year 4 PV (M)	0.11	0.11	0.12
Year 5 PV (M)	0.11	0.11	0.12
PV of Terminal Value (M)	1.65	1.73	1.82
Equity Value (M)	2.19	2.29	2.40
Shares Outstanding (M)	4.54	4.54	4.54
Fair Value	$0.48	$0.51	$0.53
Upside / Downside	-93.71%	-93.41%	-93.11%

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MBN Corporation (MBN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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