DDM Analysis: STN

Valuation Snapshot

Stable Growth	$662.30 - $780.30	$731.26
Multi-Stage	$500.22 - $549.02	$524.16
Blended Fair Value	$627.71
Current Price	$150.05
Upside	318.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.99%	10.82%	0.82	0.74	0.69	0.63	0.60	0.56	0.54	0.49	0.40	0.34
YoY Growth	-	-	10.72%	8.57%	8.16%	6.32%	6.25%	4.40%	10.45%	20.36%	20.29%	13.95%
Dividend Yield	-	-	0.69%	0.67%	0.87%	1.01%	1.11%	1.56%	1.67%	1.54%	1.17%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	447.55
(-) Cash Dividends Paid (M)	99.20
(=) Cash Retained (M)	348.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.51	55.94	33.57
Cash Retained (M)	348.35	348.35	348.35
(-) Cash Required (M)	-89.51	-55.94	-33.57
(=) Excess Retained (M)	258.84	292.41	314.78
(/) Shares Outstanding (M)	114.07	114.07	114.07
(=) Excess Retained per Share	2.27	2.56	2.76
LTM Dividend per Share	0.87	0.87	0.87
(+) Excess Retained per Share	2.27	2.56	2.76
(=) Adjusted Dividend	3.14	3.43	3.63
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$662.30	$731.26	$780.30
Upside / Downside	341.39%	387.34%	420.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	447.55	476.64	507.62	540.62	575.76	613.18	631.58
Payout Ratio	22.17%	35.73%	49.30%	62.87%	76.43%	90.00%	92.50%
Projected Dividends (M)	99.20	170.31	250.25	339.87	440.07	551.87	584.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.13%	0.13%	0.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	168.50	170.09	171.69
Year 2 PV (M)	244.94	249.61	254.32
Year 3 PV (M)	329.11	338.55	348.18
Year 4 PV (M)	421.59	437.80	454.48
Year 5 PV (M)	523.05	548.32	574.55
PV of Terminal Value (M)	55,370.90	58,045.33	60,822.12
Equity Value (M)	57,058.09	59,789.71	62,625.34
Shares Outstanding (M)	114.07	114.07	114.07
Fair Value	$500.22	$524.16	$549.02
Upside / Downside	233.37%	249.33%	265.89%

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Stantec Inc. (STN)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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