DDM Analysis: BPF-UN.TO

Valuation Snapshot

Stable Growth	$31.55 - $73.63	$46.30
Multi-Stage	$38.58 - $42.23	$40.37
Blended Fair Value	$43.34
Current Price	$20.96
Upside	106.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.20%	4.79%	1.25	1.12	1.05	0.92	0.46	1.24	1.24	1.18	1.15	0.99
YoY Growth	-	-	11.75%	6.82%	13.65%	101.28%	-63.02%	-0.41%	5.76%	2.41%	15.97%	26.43%
Dividend Yield	-	-	7.31%	7.13%	6.97%	5.25%	3.54%	18.86%	7.43%	5.89%	5.06%	5.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.65
(-) Cash Dividends Paid (M)	30.75
(=) Cash Retained (M)	6.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.53	4.71	2.82
Cash Retained (M)	6.91	6.91	6.91
(-) Cash Required (M)	-7.53	-4.71	-2.82
(=) Excess Retained (M)	-0.63	2.20	4.08
(/) Shares Outstanding (M)	24.26	24.26	24.26
(=) Excess Retained per Share	-0.03	0.09	0.17
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	-0.03	0.09	0.17
(=) Adjusted Dividend	1.24	1.36	1.44
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.70%	3.70%	4.70%
Fair Value	$31.55	$46.30	$73.63
Upside / Downside	50.53%	120.91%	251.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.65	39.05	40.49	41.99	43.54	45.15	46.51
Payout Ratio	81.66%	83.33%	85.00%	86.66%	88.33%	90.00%	92.50%
Projected Dividends (M)	30.75	32.54	34.42	36.39	38.46	40.64	43.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.70%	3.70%	4.70%
Year 1 PV (M)	30.19	30.48	30.78
Year 2 PV (M)	29.63	30.21	30.79
Year 3 PV (M)	29.06	29.92	30.80
Year 4 PV (M)	28.50	29.63	30.79
Year 5 PV (M)	27.94	29.33	30.77
PV of Terminal Value (M)	790.61	829.86	870.65
Equity Value (M)	935.93	979.42	1,024.57
Shares Outstanding (M)	24.26	24.26	24.26
Fair Value	$38.58	$40.37	$42.23
Upside / Downside	84.06%	92.61%	101.49%

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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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Boston Pizza Royalties Income Fund (BPF-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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