DDM Analysis: BXB.AX

Valuation Snapshot

Stable Growth	$22.04 - $47.15	$31.39
Multi-Stage	$30.52 - $33.50	$31.98
Blended Fair Value	$31.69
Current Price	$15.41
Upside	105.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.32%	3.99%	0.38	0.29	0.23	0.22	0.20	0.34	0.24	0.25	0.25	0.15
YoY Growth	-	-	30.91%	27.43%	4.53%	8.55%	-40.75%	44.44%	-6.79%	1.15%	69.67%	-42.92%
Dividend Yield	-	-	2.48%	3.08%	2.39%	2.96%	2.35%	4.54%	2.72%	3.94%	3.43%	1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,675.90
(-) Cash Dividends Paid (M)	670.90
(=) Cash Retained (M)	1,005.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.18	209.49	125.69
Cash Retained (M)	1,005.00	1,005.00	1,005.00
(-) Cash Required (M)	-335.18	-209.49	-125.69
(=) Excess Retained (M)	669.82	795.51	879.31
(/) Shares Outstanding (M)	1,392.06	1,392.06	1,392.06
(=) Excess Retained per Share	0.48	0.57	0.63
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.48	0.57	0.63
(=) Adjusted Dividend	0.96	1.05	1.11
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$22.04	$31.39	$47.15
Upside / Downside	43.05%	103.71%	205.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,675.90	1,726.06	1,777.72	1,830.93	1,885.74	1,942.18	2,000.44
Payout Ratio	40.03%	50.03%	60.02%	70.01%	80.01%	90.00%	92.50%
Projected Dividends (M)	670.90	863.48	1,066.98	1,281.89	1,508.71	1,747.96	1,850.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	803.29	811.16	819.04
Year 2 PV (M)	923.41	941.61	959.98
Year 3 PV (M)	1,032.07	1,062.73	1,093.99
Year 4 PV (M)	1,130.02	1,174.99	1,221.30
Year 5 PV (M)	1,217.96	1,278.85	1,342.15
PV of Terminal Value (M)	37,380.30	39,249.08	41,191.87
Equity Value (M)	42,487.05	44,518.42	46,628.32
Shares Outstanding (M)	1,392.06	1,392.06	1,392.06
Fair Value	$30.52	$31.98	$33.50
Upside / Downside	98.06%	107.53%	117.37%

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Brambles Limited (BXB.AX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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