DDM Analysis: DR.TO

Valuation Snapshot

Stable Growth	$15.13 - $20.30	$17.79
Multi-Stage	$42.88 - $47.63	$45.21
Blended Fair Value	$31.50
Current Price	$11.61
Upside	171.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-24.03%	-15.28%	0.27	0.27	0.33	0.30	0.26	1.06	1.18	1.17	1.15	1.21
YoY Growth	-	-	0.53%	-19.00%	8.36%	17.16%	-75.52%	-10.76%	0.96%	1.49%	-4.97%	-13.42%
Dividend Yield	-	-	2.30%	3.43%	5.58%	3.34%	4.46%	42.54%	9.09%	10.89%	8.34%	10.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.45
(-) Cash Dividends Paid (M)	5.80
(=) Cash Retained (M)	74.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.09	10.06	6.03
Cash Retained (M)	74.65	74.65	74.65
(-) Cash Required (M)	-16.09	-10.06	-6.03
(=) Excess Retained (M)	58.56	64.59	68.61
(/) Shares Outstanding (M)	22.86	22.86	22.86
(=) Excess Retained per Share	2.56	2.83	3.00
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	2.56	2.83	3.00
(=) Adjusted Dividend	2.82	3.08	3.26
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-9.93%	-8.93%	-7.93%
Fair Value	$15.13	$17.79	$20.30
Upside / Downside	30.31%	53.25%	74.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.45	73.26	66.72	60.76	55.33	50.39	51.90
Payout Ratio	7.21%	23.77%	40.33%	56.89%	73.44%	90.00%	92.50%
Projected Dividends (M)	5.80	17.42	26.91	34.56	40.63	45.35	48.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-9.93%	-8.93%	-7.93%
Year 1 PV (M)	16.12	16.30	16.48
Year 2 PV (M)	23.06	23.58	24.10
Year 3 PV (M)	27.43	28.35	29.29
Year 4 PV (M)	29.85	31.20	32.59
Year 5 PV (M)	30.84	32.59	34.42
PV of Terminal Value (M)	852.88	901.29	951.88
Equity Value (M)	980.19	1,033.31	1,088.76
Shares Outstanding (M)	22.86	22.86	22.86
Fair Value	$42.88	$45.21	$47.63
Upside / Downside	269.35%	289.37%	310.27%

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Medical Facilities Corporation (DR.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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