DDM Analysis: BCE-PA.TO

Valuation Snapshot

Stable Growth	$86.34 - $149.00	$113.32
Multi-Stage	$190.20 - $209.33	$199.58
Blended Fair Value	$156.45
Current Price	$30.20
Upside	418.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.09%	6.68%	3.91	3.77	3.58	3.39	3.22	3.05	2.90	2.72	2.49	2.35
YoY Growth	-	-	3.64%	5.25%	5.75%	5.28%	5.53%	5.23%	6.65%	8.98%	6.27%	14.58%
Dividend Yield	-	-	11.84%	8.22%	5.92%	4.89%	5.68%	5.28%	4.90%	4.94%	4.24%	3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,334.00
(-) Cash Dividends Paid (M)	2,528.00
(=) Cash Retained (M)	3,806.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,266.80	791.75	475.05
Cash Retained (M)	3,806.00	3,806.00	3,806.00
(-) Cash Required (M)	-1,266.80	-791.75	-475.05
(=) Excess Retained (M)	2,539.20	3,014.25	3,330.95
(/) Shares Outstanding (M)	924.00	924.00	924.00
(=) Excess Retained per Share	2.75	3.26	3.60
LTM Dividend per Share	2.74	2.74	2.74
(+) Excess Retained per Share	2.75	3.26	3.60
(=) Adjusted Dividend	5.48	6.00	6.34
WACC / Discount Rate	5.81%	5.81%	5.81%
Growth Rate	-0.50%	0.50%	1.50%
Fair Value	$86.34	$113.32	$149.00
Upside / Downside	185.90%	275.23%	393.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,334.00	6,365.38	6,396.91	6,428.60	6,460.45	6,492.45	6,687.22
Payout Ratio	39.91%	49.93%	59.95%	69.96%	79.98%	90.00%	92.50%
Projected Dividends (M)	2,528.00	3,178.19	3,834.75	4,497.75	5,167.21	5,843.21	6,185.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.81%	5.81%	5.81%
Growth Rate	-0.50%	0.50%	1.50%
Year 1 PV (M)	2,973.65	3,003.54	3,033.43
Year 2 PV (M)	3,357.06	3,424.88	3,493.38
Year 3 PV (M)	3,684.06	3,796.26	3,910.72
Year 4 PV (M)	3,960.03	4,121.65	4,288.17
Year 5 PV (M)	4,189.90	4,404.74	4,628.29
PV of Terminal Value (M)	157,579.48	165,659.20	174,067.00
Equity Value (M)	175,744.18	184,410.27	193,420.99
Shares Outstanding (M)	924.00	924.00	924.00
Fair Value	$190.20	$199.58	$209.33
Upside / Downside	529.80%	560.86%	593.15%

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BCE Inc. (BCE-PA.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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