DDM Analysis: BEI-UN.TO

Valuation Snapshot

Stable Growth	$152.76 - $452.23	$241.31
Multi-Stage	$137.72 - $150.96	$144.22
Blended Fair Value	$192.76
Current Price	$69.13
Upside	178.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.68%	-2.71%	1.44	1.02	0.95	0.91	0.91	0.91	1.00	2.03	2.92	3.18
YoY Growth	-	-	40.52%	7.89%	4.39%	0.05%	0.23%	-9.29%	-50.83%	-30.35%	-8.46%	68.39%
Dividend Yield	-	-	2.14%	1.33%	1.72%	1.54%	2.50%	3.95%	2.45%	4.59%	6.18%	6.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	313.58
(-) Cash Dividends Paid (M)	55.26
(=) Cash Retained (M)	258.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.72	39.20	23.52
Cash Retained (M)	258.32	258.32	258.32
(-) Cash Required (M)	-62.72	-39.20	-23.52
(=) Excess Retained (M)	195.60	219.12	234.80
(/) Shares Outstanding (M)	51.30	51.30	51.30
(=) Excess Retained per Share	3.81	4.27	4.58
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	3.81	4.27	4.58
(=) Adjusted Dividend	4.89	5.35	5.65
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.79%	4.79%	5.79%
Fair Value	$152.76	$241.31	$452.23
Upside / Downside	120.97%	249.07%	554.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	313.58	328.60	344.34	360.84	378.12	396.23	408.12
Payout Ratio	17.62%	32.10%	46.57%	61.05%	75.52%	90.00%	92.50%
Projected Dividends (M)	55.26	105.48	160.37	220.29	285.57	356.61	377.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.79%	4.79%	5.79%
Year 1 PV (M)	97.53	98.47	99.41
Year 2 PV (M)	137.13	139.78	142.46
Year 3 PV (M)	174.17	179.25	184.44
Year 4 PV (M)	208.79	216.95	225.35
Year 5 PV (M)	241.08	252.92	265.22
PV of Terminal Value (M)	6,205.75	6,510.53	6,827.16
Equity Value (M)	7,064.45	7,397.91	7,744.04
Shares Outstanding (M)	51.30	51.30	51.30
Fair Value	$137.72	$144.22	$150.96
Upside / Downside	99.21%	108.62%	118.38%

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CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
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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%

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Boardwalk Real Estate Investment Trust (BEI-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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