DDM Analysis: TD-PFJ.TO

Valuation Snapshot

Stable Growth	$2,012.92 - $2,371.86	$2,222.64
Multi-Stage	$550.93 - $604.16	$577.05
Blended Fair Value	$1,399.84
Current Price	$25.69
Upside	5,348.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.78%	8.43%	4.11	3.35	3.83	3.19	2.10	2.96	2.66	2.42	2.19	1.98
YoY Growth	-	-	22.92%	-12.60%	19.98%	51.78%	-29.03%	11.29%	10.05%	10.58%	10.57%	8.03%
Dividend Yield	-	-	16.26%	15.18%	17.41%	14.51%	8.35%	11.76%	10.57%	9.63%	8.71%	7.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,893.00
(-) Cash Dividends Paid (M)	7,537.00
(=) Cash Retained (M)	13,356.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,178.60	2,611.63	1,566.98
Cash Retained (M)	13,356.00	13,356.00	13,356.00
(-) Cash Required (M)	-4,178.60	-2,611.63	-1,566.98
(=) Excess Retained (M)	9,177.40	10,744.38	11,789.03
(/) Shares Outstanding (M)	1,740.15	1,740.15	1,740.15
(=) Excess Retained per Share	5.27	6.17	6.77
LTM Dividend per Share	4.33	4.33	4.33
(+) Excess Retained per Share	5.27	6.17	6.77
(=) Adjusted Dividend	9.61	10.51	11.11
WACC / Discount Rate	5.20%	5.20%	5.20%
Growth Rate	4.78%	5.78%	6.78%
Fair Value	$2,012.92	$2,222.64	$2,371.86
Upside / Downside	7,735.41%	8,551.77%	9,132.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,893.00	22,101.30	23,379.47	24,731.57	26,161.86	27,674.87	28,505.11
Payout Ratio	36.07%	46.86%	57.64%	68.43%	79.21%	90.00%	92.50%
Projected Dividends (M)	7,537.00	10,356.54	13,477.00	16,923.74	20,724.08	24,907.38	26,367.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.20%	5.20%	5.20%
Growth Rate	4.78%	5.78%	6.78%
Year 1 PV (M)	9,751.79	9,844.85	9,937.92
Year 2 PV (M)	11,949.01	12,178.17	12,409.51
Year 3 PV (M)	14,128.79	14,537.17	14,953.35
Year 4 PV (M)	16,291.20	16,922.06	17,571.07
Year 5 PV (M)	18,436.37	19,333.06	20,264.31
PV of Terminal Value (M)	888,137.56	931,333.96	976,195.01
Equity Value (M)	958,694.72	1,004,149.29	1,051,331.17
Shares Outstanding (M)	1,740.15	1,740.15	1,740.15
Fair Value	$550.93	$577.05	$604.16
Upside / Downside	2,044.52%	2,146.20%	2,251.74%

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The Toronto-Dominion Bank NCUM 5Y PFD SR18 (TD-PFJ.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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