DDM Analysis: BDC

Valuation Snapshot

Stable Growth	$39.18 - $56.14	$47.48
Multi-Stage	$55.28 - $60.76	$57.96
Blended Fair Value	$52.72
Current Price	$120.60
Upside	-56.28%
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	-24.96%	-0.60%	0.20	0.21	0.22	0.22	0.22	0.85	1.06	1.07	0.40	0.21
YoY Growth	-	-	-3.57%	-5.04%	-1.18%	0.30%	-73.78%	-20.22%	-0.48%	169.77%	91.53%	-3.49%
Dividend Yield	-	-	0.20%	0.23%	0.25%	0.41%	0.48%	2.32%	1.95%	1.62%	0.59%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	228.02
(-) Cash Dividends Paid (M)	8.04
(=) Cash Retained (M)	219.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.60	28.50	17.10
Cash Retained (M)	219.98	219.98	219.98
(-) Cash Required (M)	-45.60	-28.50	-17.10
(=) Excess Retained (M)	174.37	191.47	202.87
(/) Shares Outstanding (M)	40.57	40.57	40.57
(=) Excess Retained per Share	4.30	4.72	5.00
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	4.30	4.72	5.00
(=) Adjusted Dividend	4.50	4.92	5.20
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-1.36%	-0.36%	0.64%
Fair Value	$39.18	$47.48	$56.14
Upside / Downside	-67.51%	-60.63%	-53.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	228.02	227.20	226.39	225.58	224.78	223.97	230.69
Payout Ratio	3.53%	20.82%	38.12%	55.41%	72.71%	90.00%	92.50%
Projected Dividends (M)	8.04	47.31	86.29	125.00	163.42	201.58	213.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-1.36%	-0.36%	0.64%
Year 1 PV (M)	42.59	43.02	43.45
Year 2 PV (M)	69.94	71.36	72.80
Year 3 PV (M)	91.20	94.01	96.86
Year 4 PV (M)	107.35	111.77	116.33
Year 5 PV (M)	119.21	125.37	131.79
PV of Terminal Value (M)	1,812.31	1,906.05	2,003.64
Equity Value (M)	2,242.60	2,351.59	2,464.87
Shares Outstanding (M)	40.57	40.57	40.57
Fair Value	$55.28	$57.96	$60.76
Upside / Downside	-54.17%	-51.94%	-49.62%

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8593.T	Mitsubishi HC Capital Inc.	2.97%	$38.97	34.55%
KBL.TO	K-Bro Linen Inc.	2.97%	$1.04	69.43%
O10.SI	Far East Orchard Limited	2.97%	$0.04	30.11%
PLANB.BK	Plan B Media Public Company Limited	2.97%	$0.12	46.85%
005850.KS	SL Corporation	2.96%	$1,235.83	18.10%
6527.TWO	Crystalvue Medical Corporation	2.96%	$2.24	40.94%
9201.T	Japan Airlines Co., Ltd.	2.96%	$85.89	30.05%
9633.HK	Nongfu Spring Co., Ltd.	2.96%	$1.43	61.73%
9931.TW	Hsin Kao Gas Co.,Ltd.	2.96%	$1.01	40.68%
FTS	Fortis Inc.	2.96%	$1.54	47.07%
035890.KQ	Seohee Construction Co., Ltd.	2.95%	$47.87	7.53%
3132.T	Macnica Fuji Electronics Holdings, Inc.	2.95%	$70.52	56.32%
600667.SS	Wuxi Taiji Industry Limited Corporation	2.95%	$0.23	83.84%
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000020.KS	Dongwha Pharm.Co.,Ltd	2.94%	$182.44	65.71%
000895.SZ	Henan Shuanghui Investment & Development Co.,Ltd.	2.94%	$0.78	52.50%
002540.SZ	Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.	2.94%	$0.21	63.05%
013120.KQ	DongWon Development Co.,Ltd.	2.94%	$80.92	85.28%
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Belden Inc. (BDC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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