DDM Analysis: B

Valuation Snapshot

Stable Growth	$32.05 - $59.48	$43.29
Multi-Stage	$24.77 - $27.02	$25.88
Blended Fair Value	$34.58
Current Price	$32.77
Upside	5.53%
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	4.90%	11.61%	0.40	0.41	0.66	0.37	0.32	0.32	0.07	0.07	0.05	0.09
YoY Growth	-	-	-0.57%	-38.76%	80.28%	15.90%	-0.18%	338.40%	0.00%	45.35%	-46.25%	-31.03%
Dividend Yield	-	-	2.08%	2.41%	3.57%	1.50%	1.60%	1.74%	0.54%	0.58%	0.26%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,583.00
(-) Cash Dividends Paid (M)	770.71
(=) Cash Retained (M)	2,812.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	716.60	447.88	268.73
Cash Retained (M)	2,812.29	2,812.29	2,812.29
(-) Cash Required (M)	-716.60	-447.88	-268.73
(=) Excess Retained (M)	2,095.69	2,364.41	2,543.56
(/) Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
(=) Excess Retained per Share	1.22	1.37	1.48
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	1.22	1.37	1.48
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	10.98%	10.98%	10.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.05	$43.29	$59.48
Upside / Downside	-2.20%	32.10%	81.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,583.00	3,815.90	4,063.93	4,328.08	4,609.41	4,909.02	5,056.29
Payout Ratio	21.51%	35.21%	48.91%	62.60%	76.30%	90.00%	92.50%
Projected Dividends (M)	770.71	1,343.51	1,987.51	2,709.56	3,517.07	4,418.12	4,677.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.98%	10.98%	10.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,199.26	1,210.62	1,221.99
Year 2 PV (M)	1,583.63	1,613.79	1,644.24
Year 3 PV (M)	1,927.14	1,982.47	2,038.84
Year 4 PV (M)	2,232.90	2,318.77	2,407.09
Year 5 PV (M)	2,503.78	2,624.72	2,750.28
PV of Terminal Value (M)	33,229.39	34,834.38	36,500.80
Equity Value (M)	42,676.10	44,584.75	46,563.24
Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
Fair Value	$24.77	$25.88	$27.02
Upside / Downside	-24.42%	-21.04%	-17.53%

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Barrick Mining Corporation (B)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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