DDM Analysis: BXB.AX

Valuation Snapshot

Stable Growth	$22.05 - $47.15	$31.39
Multi-Stage	$30.52 - $33.50	$31.98
Blended Fair Value	$31.69
Current Price	$15.41
Upside	105.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.32%	3.99%	0.38	0.29	0.23	0.22	0.20	0.34	0.24	0.25	0.25	0.15
YoY Growth	-	-	30.91%	27.43%	4.53%	8.55%	-40.75%	44.44%	-6.79%	1.15%	69.67%	-42.92%
Dividend Yield	-	-	2.48%	3.08%	2.39%	2.96%	2.35%	4.54%	2.72%	3.94%	3.43%	1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,675.90
(-) Cash Dividends Paid (M)	670.90
(=) Cash Retained (M)	1,005.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.18	209.49	125.69
Cash Retained (M)	1,005.00	1,005.00	1,005.00
(-) Cash Required (M)	-335.18	-209.49	-125.69
(=) Excess Retained (M)	669.82	795.51	879.31
(/) Shares Outstanding (M)	1,392.06	1,392.06	1,392.06
(=) Excess Retained per Share	0.48	0.57	0.63
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.48	0.57	0.63
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$22.05	$31.39	$47.15
Upside / Downside	43.06%	103.72%	206.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,675.90	1,726.06	1,777.72	1,830.93	1,885.74	1,942.18	2,000.44
Payout Ratio	40.03%	50.03%	60.02%	70.01%	80.01%	90.00%	92.50%
Projected Dividends (M)	670.90	863.48	1,066.98	1,281.89	1,508.71	1,747.96	1,850.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	803.29	811.16	819.04
Year 2 PV (M)	923.42	941.61	959.99
Year 3 PV (M)	1,032.08	1,062.74	1,093.99
Year 4 PV (M)	1,130.03	1,175.00	1,221.31
Year 5 PV (M)	1,217.97	1,278.86	1,342.16
PV of Terminal Value (M)	37,383.38	39,252.31	41,195.25
Equity Value (M)	42,490.16	44,521.69	46,631.75
Shares Outstanding (M)	1,392.06	1,392.06	1,392.06
Fair Value	$30.52	$31.98	$33.50
Upside / Downside	98.07%	107.54%	117.38%

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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%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Brambles Limited (BXB.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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