DDM Analysis: FFH.TO

Valuation Snapshot

Stable Growth	$6,817.80 - $38,672.31	$12,880.88
Multi-Stage	$5,328.01 - $5,844.56	$5,581.45
Blended Fair Value	$9,231.17
Current Price	$1,805.40
Upside	411.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.49%	5.35%	15.67	10.58	10.79	11.75	11.90	12.00	12.22	10.25	9.83	9.33
YoY Growth	-	-	48.08%	-1.88%	-8.16%	-1.31%	-0.83%	-1.84%	19.29%	4.21%	5.41%	0.19%
Dividend Yield	-	-	1.08%	0.98%	1.62%	2.15%	2.73%	3.91%	2.66%	2.01%	2.16%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,565.40
(-) Cash Dividends Paid (M)	343.60
(=) Cash Retained (M)	4,221.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	913.08	570.68	342.41
Cash Retained (M)	4,221.80	4,221.80	4,221.80
(-) Cash Required (M)	-913.08	-570.68	-342.41
(=) Excess Retained (M)	3,308.72	3,651.13	3,879.40
(/) Shares Outstanding (M)	23.17	23.17	23.17
(=) Excess Retained per Share	142.82	157.60	167.46
LTM Dividend per Share	14.83	14.83	14.83
(+) Excess Retained per Share	142.82	157.60	167.46
(=) Adjusted Dividend	157.65	172.43	182.29
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	4.08%	5.08%	6.08%
Fair Value	$6,817.80	$12,880.88	$38,672.31
Upside / Downside	277.63%	613.46%	2,042.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,565.40	4,797.10	5,040.56	5,296.37	5,565.16	5,847.60	6,023.03
Payout Ratio	7.53%	24.02%	40.52%	57.01%	73.51%	90.00%	92.50%
Projected Dividends (M)	343.60	1,152.31	2,042.22	3,019.48	4,090.69	5,262.84	5,571.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	4.08%	5.08%	6.08%
Year 1 PV (M)	1,071.87	1,082.17	1,092.46
Year 2 PV (M)	1,767.04	1,801.16	1,835.60
Year 3 PV (M)	2,430.24	2,500.97	2,573.05
Year 4 PV (M)	3,062.56	3,181.97	3,304.84
Year 5 PV (M)	3,665.05	3,844.55	4,031.00
PV of Terminal Value (M)	111,435.49	116,892.97	122,562.21
Equity Value (M)	123,432.24	129,303.77	135,399.18
Shares Outstanding (M)	23.17	23.17	23.17
Fair Value	$5,328.01	$5,581.45	$5,844.56
Upside / Downside	195.11%	209.15%	223.73%

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Fairfax Financial Holdings Limited (FFH.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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