DDM Analysis: GWO-PN.TO

Valuation Snapshot

Stable Growth	$109.40 - $315.88	$171.58
Multi-Stage	$112.31 - $123.02	$117.56
Blended Fair Value	$144.57
Current Price	$17.75
Upside	714.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.82%	5.36%	2.22	2.08	1.96	1.80	1.74	1.67	1.65	1.56	1.47	1.39
YoY Growth	-	-	6.81%	6.08%	8.88%	3.14%	4.30%	1.37%	5.85%	6.14%	5.47%	5.70%
Dividend Yield	-	-	13.77%	14.47%	16.09%	11.05%	11.57%	18.71%	11.14%	8.36%	9.17%	10.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,172.00
(-) Cash Dividends Paid (M)	2,215.00
(=) Cash Retained (M)	1,957.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	834.40	521.50	312.90
Cash Retained (M)	1,957.00	1,957.00	1,957.00
(-) Cash Required (M)	-834.40	-521.50	-312.90
(=) Excess Retained (M)	1,122.60	1,435.50	1,644.10
(/) Shares Outstanding (M)	933.08	933.08	933.08
(=) Excess Retained per Share	1.20	1.54	1.76
LTM Dividend per Share	2.37	2.37	2.37
(+) Excess Retained per Share	1.20	1.54	1.76
(=) Adjusted Dividend	3.58	3.91	4.14
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.36%	4.36%	5.36%
Fair Value	$109.40	$171.58	$315.88
Upside / Downside	516.32%	866.66%	1,679.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,172.00	4,353.70	4,543.32	4,741.19	4,947.68	5,163.16	5,318.06
Payout Ratio	53.09%	60.47%	67.86%	75.24%	82.62%	90.00%	92.50%
Projected Dividends (M)	2,215.00	2,632.84	3,082.88	3,567.12	4,087.69	4,646.85	4,919.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	3.36%	4.36%	5.36%
Year 1 PV (M)	2,443.08	2,466.72	2,490.35
Year 2 PV (M)	2,654.49	2,706.11	2,758.22
Year 3 PV (M)	2,850.07	2,933.60	3,018.74
Year 4 PV (M)	3,030.60	3,149.60	3,272.08
Year 5 PV (M)	3,196.84	3,354.52	3,518.35
PV of Terminal Value (M)	90,615.21	95,084.54	99,728.50
Equity Value (M)	104,790.29	109,695.08	114,786.25
Shares Outstanding (M)	933.08	933.08	933.08
Fair Value	$112.31	$117.56	$123.02
Upside / Downside	532.71%	562.32%	593.06%

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Great-West Lifeco Inc. (GWO-PN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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