DDM Analysis: TWC.TO

Valuation Snapshot

Stable Growth	$99.20 - $282.12	$264.39
Multi-Stage	$38.75 - $42.43	$40.56
Blended Fair Value	$152.47
Current Price	$24.50
Upside	522.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.93%	1.59%	0.28	0.19	0.06	0.08	0.09	0.09	0.09	0.09	0.07	0.00
YoY Growth	-	-	48.76%	228.01%	-28.61%	-5.55%	-3.73%	-0.64%	-0.09%	33.33%	0.00%	-100.00%
Dividend Yield	-	-	1.61%	1.12%	0.33%	0.43%	0.40%	1.02%	0.64%	0.83%	0.64%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.50
(-) Cash Dividends Paid (M)	7.91
(=) Cash Retained (M)	26.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.90	4.31	2.59
Cash Retained (M)	26.58	26.58	26.58
(-) Cash Required (M)	-6.90	-4.31	-2.59
(=) Excess Retained (M)	19.68	22.27	24.00
(/) Shares Outstanding (M)	24.32	24.32	24.32
(=) Excess Retained per Share	0.81	0.92	0.99
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.81	0.92	0.99
(=) Adjusted Dividend	1.13	1.24	1.31
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$99.20	$264.39	$282.12
Upside / Downside	304.90%	979.14%	1,051.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.50	36.74	39.13	41.67	44.38	47.26	48.68
Payout Ratio	22.94%	36.35%	49.76%	63.18%	76.59%	90.00%	92.50%
Projected Dividends (M)	7.91	13.35	19.47	26.32	33.99	42.54	45.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.40	12.52	12.63
Year 2 PV (M)	16.78	17.10	17.42
Year 3 PV (M)	21.06	21.67	22.28
Year 4 PV (M)	25.24	26.22	27.21
Year 5 PV (M)	29.33	30.75	32.22
PV of Terminal Value (M)	837.59	878.05	920.05
Equity Value (M)	942.40	986.29	1,031.82
Shares Outstanding (M)	24.32	24.32	24.32
Fair Value	$38.75	$40.56	$42.43
Upside / Downside	58.18%	65.55%	73.19%

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TWC Enterprises Limited (TWC.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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