DDM Analysis: BDI.TO

Valuation Snapshot

Stable Growth	$6.71 - $11.23	$8.70
Multi-Stage	$19.45 - $21.45	$20.43
Blended Fair Value	$14.57
Current Price	$14.00
Upside	4.04%
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	0.00%	-15.48%	0.12	0.08	0.05	0.01	0.00	0.00	0.00	0.15	0.24	0.58
YoY Growth	-	-	51.93%	41.37%	369.10%	0.00%	0.00%	0.00%	-100.00%	-39.30%	-58.92%	-5.77%
Dividend Yield	-	-	1.29%	0.86%	0.90%	0.23%	0.00%	0.00%	0.00%	6.39%	6.20%	13.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36.56
(-) Cash Dividends Paid (M)	8.26
(=) Cash Retained (M)	28.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.31	4.57	2.74
Cash Retained (M)	28.30	28.30	28.30
(-) Cash Required (M)	-7.31	-4.57	-2.74
(=) Excess Retained (M)	20.98	23.73	25.55
(/) Shares Outstanding (M)	63.30	63.30	63.30
(=) Excess Retained per Share	0.33	0.37	0.40
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.33	0.37	0.40
(=) Adjusted Dividend	0.46	0.51	0.53
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	-1.58%	-0.58%	0.42%
Fair Value	$6.71	$8.70	$11.23
Upside / Downside	-52.06%	-37.86%	-19.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36.56	36.34	36.13	35.92	35.71	35.50	36.57
Payout Ratio	22.60%	36.08%	49.56%	63.04%	76.52%	90.00%	92.50%
Projected Dividends (M)	8.26	13.11	17.91	22.64	27.33	31.95	33.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.19%	5.19%	5.19%
Growth Rate	-1.58%	-0.58%	0.42%
Year 1 PV (M)	12.34	12.47	12.59
Year 2 PV (M)	15.86	16.18	16.51
Year 3 PV (M)	18.87	19.45	20.05
Year 4 PV (M)	21.43	22.32	23.23
Year 5 PV (M)	23.59	24.81	26.08
PV of Terminal Value (M)	1,139.07	1,198.13	1,259.61
Equity Value (M)	1,231.17	1,293.36	1,358.08
Shares Outstanding (M)	63.30	63.30	63.30
Fair Value	$19.45	$20.43	$21.45
Upside / Downside	38.92%	45.94%	53.24%

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Black Diamond Group Limited (BDI.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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