DDM Analysis: CHE-UN.TO

Valuation Snapshot

Stable Growth	$12.04 - $21.15	$15.91
Multi-Stage	$18.47 - $20.23	$19.33
Blended Fair Value	$17.62
Current Price	$13.44
Upside	31.13%
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	-7.17%	0.71%	0.62	0.47	0.44	0.42	0.54	0.90	0.90	0.85	0.67	0.67
YoY Growth	-	-	32.02%	5.99%	5.41%	-22.09%	-40.00%	0.00%	6.75%	25.54%	0.33%	15.75%
Dividend Yield	-	-	6.39%	5.53%	5.66%	5.25%	7.89%	18.34%	9.84%	5.49%	3.63%	3.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	111.41
(-) Cash Dividends Paid (M)	79.12
(=) Cash Retained (M)	32.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.28	13.93	8.36
Cash Retained (M)	32.30	32.30	32.30
(-) Cash Required (M)	-22.28	-13.93	-8.36
(=) Excess Retained (M)	10.01	18.37	23.94
(/) Shares Outstanding (M)	123.14	123.14	123.14
(=) Excess Retained per Share	0.08	0.15	0.19
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	0.08	0.15	0.19
(=) Adjusted Dividend	0.72	0.79	0.84
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	1.12%	2.12%	3.12%
Fair Value	$12.04	$15.91	$21.15
Upside / Downside	-10.43%	18.41%	57.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.41	113.77	116.18	118.64	121.15	123.71	127.42
Payout Ratio	71.01%	74.81%	78.61%	82.40%	86.20%	90.00%	92.50%
Projected Dividends (M)	79.12	85.11	91.32	97.76	104.43	111.34	117.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	1.12%	2.12%	3.12%
Year 1 PV (M)	78.62	79.40	80.17
Year 2 PV (M)	77.92	79.47	81.04
Year 3 PV (M)	77.06	79.37	81.72
Year 4 PV (M)	76.04	79.09	82.23
Year 5 PV (M)	74.88	78.66	82.59
PV of Terminal Value (M)	1,889.34	1,984.63	2,083.73
Equity Value (M)	2,273.86	2,380.62	2,491.48
Shares Outstanding (M)	123.14	123.14	123.14
Fair Value	$18.47	$19.33	$20.23
Upside / Downside	37.39%	43.84%	50.54%

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Financial Statements

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Ticker

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Sector

Chemtrade Logistics Income Fund (CHE-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener