DDM Analysis: BPO-PT.TO

Valuation Snapshot

Stable Growth	$29.73 - $45.38	$37.05
Multi-Stage	$62.92 - $69.27	$66.03
Blended Fair Value	$51.54
Current Price	$12.98
Upside	297.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2015	2014	2013	2012
DPS	0.00%	0.00%	0.95	1.00	0.75	728.92	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.75%	32.97%	-99.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.33%	5.31%	3.43%	2,838.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1.62
(-) Cash Dividends Paid (M)	0.56
(=) Cash Retained (M)	1.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.32	0.20	0.12
Cash Retained (M)	1.06	1.06	1.06
(-) Cash Required (M)	-0.32	-0.20	-0.12
(=) Excess Retained (M)	0.74	0.86	0.94
(/) Shares Outstanding (M)	0.48	0.48	0.48
(=) Excess Retained per Share	1.52	1.77	1.93
LTM Dividend per Share	1.16	1.16	1.16
(+) Excess Retained per Share	1.52	1.77	1.93
(=) Adjusted Dividend	2.67	2.92	3.09
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.73	$37.05	$45.38
Upside / Downside	129.03%	185.47%	249.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1.62	1.60	1.59	1.57	1.56	1.54	1.59
Payout Ratio	34.59%	45.67%	56.75%	67.84%	78.92%	90.00%	92.50%
Projected Dividends (M)	0.56	0.73	0.90	1.07	1.23	1.39	1.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.81%	6.81%	6.81%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.68	0.69	0.69
Year 2 PV (M)	0.77	0.79	0.81
Year 3 PV (M)	0.85	0.87	0.90
Year 4 PV (M)	0.91	0.94	0.98
Year 5 PV (M)	0.95	1.00	1.05
PV of Terminal Value (M)	26.35	27.72	29.15
Equity Value (M)	30.51	32.01	33.58
Shares Outstanding (M)	0.48	0.48	0.48
Fair Value	$62.92	$66.03	$69.27
Upside / Downside	384.76%	408.73%	433.65%

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Brookfield Office Properties Inc (BPO-PT.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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