DDM Analysis: BAMNB.AS

Valuation Snapshot

Stable Growth	$13.89 - $24.00	$18.24
Multi-Stage	$25.29 - $27.81	$26.53
Blended Fair Value	$22.38
Current Price	$7.56
Upside	196.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.05%	13.39%	0.10	0.08	0.00	0.00	0.00	0.07	0.04	0.03	0.01	0.00
YoY Growth	-	-	18.65%	0.00%	0.00%	-100.00%	-99.49%	70.23%	53.08%	277.45%	0.00%	-100.00%
Dividend Yield	-	-	2.27%	3.32%	0.00%	0.00%	0.02%	2.64%	1.66%	0.69%	0.16%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	298.54
(-) Cash Dividends Paid (M)	78.94
(=) Cash Retained (M)	219.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.71	37.32	22.39
Cash Retained (M)	219.60	219.60	219.60
(-) Cash Required (M)	-59.71	-37.32	-22.39
(=) Excess Retained (M)	159.89	182.28	197.21
(/) Shares Outstanding (M)	273.54	273.54	273.54
(=) Excess Retained per Share	0.58	0.67	0.72
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.58	0.67	0.72
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.13%	1.13%	2.13%
Fair Value	$13.89	$18.24	$24.00
Upside / Downside	83.69%	141.24%	217.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	298.54	301.90	305.29	308.73	312.20	315.72	325.19
Payout Ratio	26.44%	39.15%	51.87%	64.58%	77.29%	90.00%	92.50%
Projected Dividends (M)	78.94	118.20	158.34	199.37	241.30	284.14	300.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	0.13%	1.13%	2.13%
Year 1 PV (M)	109.98	111.07	112.17
Year 2 PV (M)	137.06	139.81	142.59
Year 3 PV (M)	160.56	165.42	170.37
Year 4 PV (M)	180.80	188.13	195.68
Year 5 PV (M)	198.08	208.17	218.67
PV of Terminal Value (M)	6,130.90	6,443.24	6,768.18
Equity Value (M)	6,917.37	7,255.84	7,607.67
Shares Outstanding (M)	273.54	273.54	273.54
Fair Value	$25.29	$26.53	$27.81
Upside / Downside	234.50%	250.87%	267.88%

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Koninklijke BAM Groep nv (BAMNB.AS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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