DDM Analysis: BMI

Valuation Snapshot

Stable Growth	$109.76 - $289.52	$167.54
Multi-Stage	$75.76 - $82.75	$79.19
Blended Fair Value	$123.37
Current Price	$178.58
Upside	-30.92%
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	14.03%	12.92%	1.21	0.98	0.84	0.75	0.69	0.63	0.55	0.48	0.42	0.38
YoY Growth	-	-	23.39%	16.76%	12.30%	8.92%	9.38%	14.33%	14.42%	14.08%	10.66%	5.91%
Dividend Yield	-	-	0.64%	0.62%	0.69%	0.75%	0.74%	1.18%	0.99%	1.02%	1.15%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.78
(-) Cash Dividends Paid (M)	41.78
(=) Cash Retained (M)	97.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.76	17.35	10.41
Cash Retained (M)	97.00	97.00	97.00
(-) Cash Required (M)	-27.76	-17.35	-10.41
(=) Excess Retained (M)	69.24	79.65	86.59
(/) Shares Outstanding (M)	29.52	29.52	29.52
(=) Excess Retained per Share	2.35	2.70	2.93
LTM Dividend per Share	1.42	1.42	1.42
(+) Excess Retained per Share	2.35	2.70	2.93
(=) Adjusted Dividend	3.76	4.11	4.35
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$109.76	$167.54	$289.52
Upside / Downside	-38.54%	-6.18%	62.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.78	147.80	157.40	167.63	178.53	190.14	195.84
Payout Ratio	30.10%	42.08%	54.06%	66.04%	78.02%	90.00%	92.50%
Projected Dividends (M)	41.78	62.20	85.10	110.71	139.29	171.12	181.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.47	57.00	57.54
Year 2 PV (M)	70.14	71.47	72.82
Year 3 PV (M)	82.84	85.22	87.64
Year 4 PV (M)	94.62	98.26	102.01
Year 5 PV (M)	105.54	110.64	115.93
PV of Terminal Value (M)	1,827.20	1,915.46	2,007.09
Equity Value (M)	2,236.81	2,338.05	2,443.02
Shares Outstanding (M)	29.52	29.52	29.52
Fair Value	$75.76	$79.19	$82.75
Upside / Downside	-57.57%	-55.65%	-53.66%

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Badger Meter, Inc. (BMI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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