DDM Analysis: BDGI.TO

Valuation Snapshot

Stable Growth	$272.61 - $321.25	$301.03
Multi-Stage	$181.97 - $199.92	$190.78
Blended Fair Value	$245.90
Current Price	$34.95
Upside	603.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.59%	3.57%	0.50	0.52	0.41	0.50	0.47	0.44	0.41	0.36	0.31	0.28
YoY Growth	-	-	-3.74%	26.44%	-16.88%	4.63%	7.39%	8.03%	14.97%	15.14%	9.38%	-20.12%
Dividend Yield	-	-	1.86%	1.42%	1.71%	1.97%	1.10%	1.94%	0.98%	1.43%	0.88%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.88
(-) Cash Dividends Paid (M)	17.80
(=) Cash Retained (M)	38.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.18	6.98	4.19
Cash Retained (M)	38.08	38.08	38.08
(-) Cash Required (M)	-11.18	-6.98	-4.19
(=) Excess Retained (M)	26.91	31.10	33.89
(/) Shares Outstanding (M)	34.16	34.16	34.16
(=) Excess Retained per Share	0.79	0.91	0.99
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.79	0.91	0.99
(=) Adjusted Dividend	1.31	1.43	1.51
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	4.17%	5.17%	6.17%
Fair Value	$272.61	$301.03	$321.25
Upside / Downside	679.99%	761.30%	819.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.88	58.77	61.80	65.00	68.36	71.89	74.05
Payout Ratio	31.85%	43.48%	55.11%	66.74%	78.37%	90.00%	92.50%
Projected Dividends (M)	17.80	25.55	34.06	43.38	53.57	64.70	68.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	4.17%	5.17%	6.17%
Year 1 PV (M)	24.90	25.13	25.37
Year 2 PV (M)	32.33	32.96	33.59
Year 3 PV (M)	40.12	41.29	42.48
Year 4 PV (M)	48.28	50.16	52.09
Year 5 PV (M)	56.81	59.59	62.48
PV of Terminal Value (M)	6,014.10	6,308.37	6,614.05
Equity Value (M)	6,216.54	6,517.50	6,830.06
Shares Outstanding (M)	34.16	34.16	34.16
Fair Value	$181.97	$190.78	$199.92
Upside / Downside	420.65%	445.85%	472.03%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 13 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Badger Infrastructure Solutions Ltd. (BDGI.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener