DDM Analysis: BLX

Valuation Snapshot

Stable Growth	$331.47 - $1,196.13	$1,054.63
Multi-Stage	$152.00 - $166.28	$159.01
Blended Fair Value	$606.82
Current Price	$45.97
Upside	1,220.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.33%	2.98%	1.97	0.98	0.98	1.04	1.21	1.59	1.66	1.64	1.63	1.62
YoY Growth	-	-	100.67%	0.35%	-6.30%	-13.65%	-24.14%	-4.32%	1.54%	0.78%	0.32%	10.47%
Dividend Yield	-	-	5.38%	3.29%	5.62%	6.70%	7.98%	15.45%	8.14%	5.77%	5.86%	6.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.39
(-) Cash Dividends Paid (M)	82.41
(=) Cash Retained (M)	139.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.48	27.80	16.68
Cash Retained (M)	139.98	139.98	139.98
(-) Cash Required (M)	-44.48	-27.80	-16.68
(=) Excess Retained (M)	95.50	112.18	123.30
(/) Shares Outstanding (M)	36.98	36.98	36.98
(=) Excess Retained per Share	2.58	3.03	3.33
LTM Dividend per Share	2.23	2.23	2.23
(+) Excess Retained per Share	2.58	3.03	3.33
(=) Adjusted Dividend	4.81	5.26	5.56
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$331.47	$1,054.63	$1,196.13
Upside / Downside	621.05%	2,194.17%	2,501.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.39	236.85	252.24	268.64	286.10	304.69	313.83
Payout Ratio	37.06%	47.65%	58.23%	68.82%	79.41%	90.00%	92.50%
Projected Dividends (M)	82.41	112.85	146.89	184.88	227.19	274.22	290.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	104.44	105.43	106.42
Year 2 PV (M)	125.83	128.23	130.64
Year 3 PV (M)	146.58	150.79	155.07
Year 4 PV (M)	166.71	173.12	179.72
Year 5 PV (M)	186.24	195.23	204.57
PV of Terminal Value (M)	4,890.34	5,126.55	5,371.79
Equity Value (M)	5,620.14	5,879.35	6,148.22
Shares Outstanding (M)	36.98	36.98	36.98
Fair Value	$152.00	$159.01	$166.28
Upside / Downside	230.64%	245.89%	261.71%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Banco Latinoamericano de Comercio Exterior, S. A. (BLX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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