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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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
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EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
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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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