DDM Analysis: TIH.TO

Valuation Snapshot

Stable Growth	$498.66 - $1,177.26	$1,103.27
Multi-Stage	$172.88 - $189.25	$180.92
Blended Fair Value	$642.09
Current Price	$122.39
Upside	424.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.61%	13.14%	1.87	1.69	1.52	1.33	1.20	1.03	0.87	0.72	0.68	0.62
YoY Growth	-	-	10.82%	10.67%	14.82%	10.68%	16.21%	18.70%	21.37%	6.20%	8.22%	14.67%
Dividend Yield	-	-	1.66%	1.29%	1.37%	1.12%	1.25%	1.68%	1.24%	1.30%	1.45%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	486.03
(-) Cash Dividends Paid (M)	160.01
(=) Cash Retained (M)	326.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.21	60.75	36.45
Cash Retained (M)	326.02	326.02	326.02
(-) Cash Required (M)	-97.21	-60.75	-36.45
(=) Excess Retained (M)	228.81	265.26	289.56
(/) Shares Outstanding (M)	82.11	82.11	82.11
(=) Excess Retained per Share	2.79	3.23	3.53
LTM Dividend per Share	1.95	1.95	1.95
(+) Excess Retained per Share	2.79	3.23	3.53
(=) Adjusted Dividend	4.74	5.18	5.48
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$498.66	$1,103.27	$1,177.26
Upside / Downside	307.43%	801.44%	861.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	486.03	517.62	551.27	587.10	625.26	665.90	685.88
Payout Ratio	32.92%	44.34%	55.75%	67.17%	78.58%	90.00%	92.50%
Projected Dividends (M)	160.01	229.50	307.35	394.35	491.36	599.31	634.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	213.47	215.49	217.52
Year 2 PV (M)	265.90	270.97	276.08
Year 3 PV (M)	317.33	326.44	335.73
Year 4 PV (M)	367.77	381.92	396.46
Year 5 PV (M)	417.24	437.39	458.31
PV of Terminal Value (M)	12,612.80	13,222.00	13,854.52
Equity Value (M)	14,194.52	14,854.21	15,538.62
Shares Outstanding (M)	82.11	82.11	82.11
Fair Value	$172.88	$180.92	$189.25
Upside / Downside	41.26%	47.82%	54.63%

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Toromont Industries Ltd. (TIH.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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