DDM Analysis: BF-A

Valuation Snapshot

Stable Growth	$21.99 - $37.94	$28.86
Multi-Stage	$30.89 - $33.84	$32.34
Blended Fair Value	$30.60
Current Price	$27.23
Upside	12.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.26%	5.08%	0.89	0.85	0.80	1.76	0.71	0.69	0.66	1.63	0.58	0.56
YoY Growth	-	-	3.96%	6.88%	-54.51%	145.86%	4.00%	4.84%	-59.90%	182.12%	3.01%	3.91%
Dividend Yield	-	-	3.08%	1.89%	1.13%	2.35%	1.01%	0.99%	1.20%	3.07%	1.47%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	810.00
(-) Cash Dividends Paid (M)	428.00
(=) Cash Retained (M)	382.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	162.00	101.25	60.75
Cash Retained (M)	382.00	382.00	382.00
(-) Cash Required (M)	-162.00	-101.25	-60.75
(=) Excess Retained (M)	220.00	280.75	321.25
(/) Shares Outstanding (M)	472.84	472.84	472.84
(=) Excess Retained per Share	0.47	0.59	0.68
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	0.47	0.59	0.68
(=) Adjusted Dividend	1.37	1.50	1.58
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	1.40%	2.40%	3.40%
Fair Value	$21.99	$28.86	$37.94
Upside / Downside	-19.24%	5.98%	39.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	810.00	829.44	849.35	869.74	890.62	911.99	939.35
Payout Ratio	52.84%	60.27%	67.70%	75.14%	82.57%	90.00%	92.50%
Projected Dividends (M)	428.00	499.92	575.04	653.49	735.36	820.80	868.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	1.40%	2.40%	3.40%
Year 1 PV (M)	459.56	464.09	468.63
Year 2 PV (M)	485.95	495.58	505.31
Year 3 PV (M)	507.66	522.82	538.29
Year 4 PV (M)	525.15	546.17	567.82
Year 5 PV (M)	538.84	565.94	594.11
PV of Terminal Value (M)	12,086.92	12,694.79	13,326.88
Equity Value (M)	14,604.07	15,289.40	16,001.04
Shares Outstanding (M)	472.84	472.84	472.84
Fair Value	$30.89	$32.34	$33.84
Upside / Downside	13.43%	18.75%	24.28%

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Brown-Forman Corporation (BF-A)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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