DDM Analysis: BLW

Valuation Snapshot

Stable Growth	$15.53 - $23.74	$19.37
Multi-Stage	$33.33 - $36.57	$34.92
Blended Fair Value	$27.14
Current Price	$14.18
Upside	91.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.98%	0.20%	1.23	1.15	1.12	1.09	1.12	0.92	0.94	1.25	1.28	1.27
YoY Growth	-	-	7.25%	2.50%	2.11%	-2.16%	21.75%	-1.97%	-25.16%	-1.87%	0.52%	5.47%
Dividend Yield	-	-	8.69%	8.17%	8.53%	7.64%	6.68%	5.95%	6.23%	7.84%	8.43%	8.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.09
(-) Cash Dividends Paid (M)	60.79
(=) Cash Retained (M)	4.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.02	8.14	4.88
Cash Retained (M)	4.30	4.30	4.30
(-) Cash Required (M)	-13.02	-8.14	-4.88
(=) Excess Retained (M)	-8.72	-3.83	-0.58
(/) Shares Outstanding (M)	37.60	37.60	37.60
(=) Excess Retained per Share	-0.23	-0.10	-0.02
LTM Dividend per Share	1.62	1.62	1.62
(+) Excess Retained per Share	-0.23	-0.10	-0.02
(=) Adjusted Dividend	1.38	1.51	1.60
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-1.80%	-0.80%	0.20%
Fair Value	$15.53	$19.37	$23.74
Upside / Downside	9.50%	36.58%	67.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.09	64.57	64.05	63.54	63.04	62.54	64.41
Payout Ratio	93.39%	92.71%	92.03%	91.36%	90.68%	90.00%	92.50%
Projected Dividends (M)	60.79	59.86	58.95	58.05	57.16	56.28	59.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	-1.80%	-0.80%	0.20%
Year 1 PV (M)	55.40	55.97	56.53
Year 2 PV (M)	50.50	51.53	52.57
Year 3 PV (M)	46.02	47.44	48.89
Year 4 PV (M)	41.94	43.67	45.46
Year 5 PV (M)	38.22	40.20	42.27
PV of Terminal Value (M)	1,021.27	1,074.34	1,129.59
Equity Value (M)	1,253.34	1,313.15	1,375.31
Shares Outstanding (M)	37.60	37.60	37.60
Fair Value	$33.33	$34.92	$36.57
Upside / Downside	135.06%	146.27%	157.93%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
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7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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BlackRock Limited Duration Income Trust (BLW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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