DDM Analysis: AEM

Valuation Snapshot

Stable Growth	$93.30 - $163.01	$123.05
Multi-Stage	$73.90 - $80.59	$77.18
Blended Fair Value	$100.12
Current Price	$168.56
Upside	-40.60%
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	44.83%	28.65%	1.33	1.27	1.21	0.55	0.38	0.21	0.17	0.15	0.14	0.12
YoY Growth	-	-	5.17%	4.99%	121.08%	44.63%	80.49%	25.54%	10.37%	6.58%	19.93%	10.07%
Dividend Yield	-	-	1.23%	2.07%	2.37%	0.89%	0.65%	0.53%	0.39%	0.36%	0.33%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,419.13
(-) Cash Dividends Paid (M)	717.50
(=) Cash Retained (M)	2,701.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	683.83	427.39	256.43
Cash Retained (M)	2,701.63	2,701.63	2,701.63
(-) Cash Required (M)	-683.83	-427.39	-256.43
(=) Excess Retained (M)	2,017.80	2,274.24	2,445.20
(/) Shares Outstanding (M)	503.53	503.53	503.53
(=) Excess Retained per Share	4.01	4.52	4.86
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	4.01	4.52	4.86
(=) Adjusted Dividend	5.43	5.94	6.28
WACC / Discount Rate	11.64%	11.64%	11.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$93.30	$123.05	$163.01
Upside / Downside	-44.65%	-27.00%	-3.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,419.13	3,641.37	3,878.06	4,130.13	4,398.59	4,684.50	4,825.03
Payout Ratio	20.98%	34.79%	48.59%	62.39%	76.20%	90.00%	92.50%
Projected Dividends (M)	717.50	1,266.75	1,884.38	2,576.95	3,351.59	4,216.05	4,463.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.64%	11.64%	11.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,124.00	1,134.65	1,145.31
Year 2 PV (M)	1,483.60	1,511.86	1,540.39
Year 3 PV (M)	1,800.24	1,851.91	1,904.57
Year 4 PV (M)	2,077.54	2,157.43	2,239.61
Year 5 PV (M)	2,318.88	2,430.88	2,547.17
PV of Terminal Value (M)	28,404.64	29,776.60	31,201.06
Equity Value (M)	37,208.90	38,863.34	40,578.11
Shares Outstanding (M)	503.53	503.53	503.53
Fair Value	$73.90	$77.18	$80.59
Upside / Downside	-56.16%	-54.21%	-52.19%

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Agnico Eagle Mines Limited (AEM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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