DDM Analysis: BRFI.L

Valuation Snapshot

Stable Growth	$3.13 - $4.44	$3.78
Multi-Stage	$4.80 - $5.26	$5.03
Blended Fair Value	$4.40
Current Price	$1.90
Upside	131.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.78%	16.72%	0.08	0.07	0.07	0.08	0.10	0.10	0.07	0.06	0.06	0.05
YoY Growth	-	-	14.29%	4.99%	-14.26%	-14.70%	-1.01%	35.80%	19.41%	7.29%	9.16%	184.45%
Dividend Yield	-	-	4.33%	4.18%	4.90%	4.95%	7.98%	5.97%	3.93%	2.98%	3.33%	3.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.77
(-) Cash Dividends Paid (M)	33.13
(=) Cash Retained (M)	57.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.15	11.35	6.81
Cash Retained (M)	57.65	57.65	57.65
(-) Cash Required (M)	-18.15	-11.35	-6.81
(=) Excess Retained (M)	39.49	46.30	50.84
(/) Shares Outstanding (M)	189.32	189.32	189.32
(=) Excess Retained per Share	0.21	0.24	0.27
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.21	0.24	0.27
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.13	$3.78	$4.44
Upside / Downside	64.88%	98.74%	133.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.77	89.87	88.97	88.08	87.20	86.32	88.91
Payout Ratio	36.49%	47.20%	57.90%	68.60%	79.30%	90.00%	92.50%
Projected Dividends (M)	33.13	42.41	51.51	60.42	69.15	77.69	82.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	38.17	38.56	38.95
Year 2 PV (M)	41.71	42.57	43.43
Year 3 PV (M)	44.03	45.39	46.78
Year 4 PV (M)	45.35	47.23	49.17
Year 5 PV (M)	45.85	48.24	50.73
PV of Terminal Value (M)	693.47	729.58	767.18
Equity Value (M)	908.58	951.57	996.23
Shares Outstanding (M)	189.32	189.32	189.32
Fair Value	$4.80	$5.03	$5.26
Upside / Downside	152.59%	164.54%	176.96%

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BlackRock Frontiers Investment Trust plc (BRFI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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