DDM Analysis: BSL

Valuation Snapshot

Stable Growth	$25.05 - $38.45	$31.29
Multi-Stage	$57.29 - $62.91	$60.05
Blended Fair Value	$45.67
Current Price	$14.30
Upside	219.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.18%	-0.90%	1.36	1.32	1.04	0.95	1.25	1.78	1.35	1.33	1.34	1.26
YoY Growth	-	-	3.03%	26.53%	9.42%	-23.37%	-29.89%	31.53%	1.52%	-0.34%	5.70%	-15.22%
Dividend Yield	-	-	9.50%	9.90%	8.40%	5.56%	8.76%	11.00%	8.81%	7.40%	7.39%	8.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.93
(-) Cash Dividends Paid (M)	34.44
(=) Cash Retained (M)	1.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.19	4.49	2.69
Cash Retained (M)	1.50	1.50	1.50
(-) Cash Required (M)	-7.19	-4.49	-2.69
(=) Excess Retained (M)	-5.69	-2.99	-1.20
(/) Shares Outstanding (M)	13.01	13.01	13.01
(=) Excess Retained per Share	-0.44	-0.23	-0.09
LTM Dividend per Share	2.65	2.65	2.65
(+) Excess Retained per Share	-0.44	-0.23	-0.09
(=) Adjusted Dividend	2.21	2.42	2.55
WACC / Discount Rate	6.64%	6.64%	6.64%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.05	$31.29	$38.45
Upside / Downside	75.15%	118.84%	168.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.93	35.57	35.22	34.87	34.52	34.17	35.20
Payout Ratio	95.83%	94.67%	93.50%	92.33%	91.17%	90.00%	92.50%
Projected Dividends (M)	34.44	33.68	32.93	32.19	31.47	30.75	32.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.64%	6.64%	6.64%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	31.26	31.58	31.90
Year 2 PV (M)	28.37	28.95	29.54
Year 3 PV (M)	25.75	26.54	27.35
Year 4 PV (M)	23.36	24.33	25.33
Year 5 PV (M)	21.19	22.29	23.44
PV of Terminal Value (M)	615.47	647.52	680.89
Equity Value (M)	745.40	781.22	818.45
Shares Outstanding (M)	13.01	13.01	13.01
Fair Value	$57.29	$60.05	$62.91
Upside / Downside	300.65%	319.90%	339.91%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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