DDM Analysis: BHE

Valuation Snapshot

Stable Growth	$7.47 - $10.82	$9.10
Multi-Stage	$12.16 - $13.31	$12.72
Blended Fair Value	$10.91
Current Price	$38.55
Upside	-71.69%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.53%	0.00%	0.66	0.64	0.64	0.64	0.63	0.64	0.58	0.00	0.00	0.00
YoY Growth	-	-	1.95%	1.29%	-0.45%	0.95%	-1.06%	10.86%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.73%	2.18%	2.68%	2.55%	2.05%	3.20%	2.14%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.30
(-) Cash Dividends Paid (M)	24.48
(=) Cash Retained (M)	12.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.46	4.66	2.80
Cash Retained (M)	12.82	12.82	12.82
(-) Cash Required (M)	-7.46	-4.66	-2.80
(=) Excess Retained (M)	5.36	8.16	10.03
(/) Shares Outstanding (M)	36.43	36.43	36.43
(=) Excess Retained per Share	0.15	0.22	0.28
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.15	0.22	0.28
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	-1.47%	-0.47%	0.53%
Fair Value	$7.47	$9.10	$10.82
Upside / Downside	-80.61%	-76.40%	-71.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.30	37.13	36.95	36.78	36.61	36.44	37.53
Payout Ratio	65.62%	70.50%	75.37%	80.25%	85.12%	90.00%	92.50%
Projected Dividends (M)	24.48	26.17	27.85	29.52	31.16	32.79	34.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.33%	9.33%	9.33%
Growth Rate	-1.47%	-0.47%	0.53%
Year 1 PV (M)	23.70	23.94	24.18
Year 2 PV (M)	22.84	23.30	23.77
Year 3 PV (M)	21.91	22.58	23.27
Year 4 PV (M)	20.95	21.81	22.70
Year 5 PV (M)	19.96	20.99	22.07
PV of Terminal Value (M)	333.59	350.86	368.85
Equity Value (M)	442.94	463.49	484.84
Shares Outstanding (M)	36.43	36.43	36.43
Fair Value	$12.16	$12.72	$13.31
Upside / Downside	-68.46%	-66.99%	-65.47%

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HMU.DE	HMS Bergbau AG	3.53%	$1.69	29.89%
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SNL.AX	Supply Network Limited	3.53%	$1.13	67.28%
0NHS.L	Nutrien Ltd.	3.52%	$2.18	58.76%
CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
INFREA.ST	Infrea AB	3.52%	$0.50	67.57%
ISSP.JK	PT Steel Pipe Industry of Indonesia Tbk	3.52%	$15.00	19.85%
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PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
002887.SZ	Tianjin LVYIN Landscape and Ecology Construction Co., Ltd	3.50%	$0.33	84.50%
603062.SS	MEGA P&C Advanced Materials (Shanghai) Company Limited	3.50%	$1.66	74.27%
CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
LAZ	Lazard Ltd	3.50%	$1.74	67.48%
TWL.MI	TraWell Co S.p.A.	3.50%	$0.21	28.69%
WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
005610.KS	SPC Samlip Co., Ltd.	3.49%	$1,803.39	45.19%
0RFL.L	VAT Group AG	3.49%	$12.50	88.50%
2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
5206.TWO	Kunyue Development Co., Ltd.	3.49%	$1.18	21.91%
5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
CNI	Canadian National Railway Company	3.49%	$3.50	50.64%
PEAB3.SA	Companhia de Participações Aliança da Bahia	3.49%	$1.36	78.68%
026960.KS	Dong Suh Companies Inc.	3.48%	$905.33	62.72%
055550.KS	Shinhan Financial Group Co., Ltd.	3.48%	$2,668.74	26.55%
0QK5.L	INFICON Holding AG	3.48%	$3.44	43.54%
6722.TWO	Whetron Electronics Co.,Ltd.	3.48%	$1.99	24.71%
HOLM-A.ST	Holmen AB (publ)	3.48%	$12.23	66.11%
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3004.SR	Northern Region Cement Company	3.47%	$0.25	79.89%
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Benchmark Electronics, Inc. (BHE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener