DDM Analysis: BPF-UN.TO

Valuation Snapshot

Stable Growth	$31.56 - $73.66	$46.32
Multi-Stage	$38.59 - $42.24	$40.38
Blended Fair Value	$43.35
Current Price	$20.96
Upside	106.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.20%	4.79%	1.25	1.12	1.05	0.92	0.46	1.24	1.24	1.18	1.15	0.99
YoY Growth	-	-	11.75%	6.82%	13.65%	101.28%	-63.02%	-0.41%	5.76%	2.41%	15.97%	26.43%
Dividend Yield	-	-	7.31%	7.13%	6.97%	5.25%	3.54%	18.86%	7.43%	5.89%	5.06%	5.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.65
(-) Cash Dividends Paid (M)	30.75
(=) Cash Retained (M)	6.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.53	4.71	2.82
Cash Retained (M)	6.91	6.91	6.91
(-) Cash Required (M)	-7.53	-4.71	-2.82
(=) Excess Retained (M)	-0.63	2.20	4.08
(/) Shares Outstanding (M)	24.26	24.26	24.26
(=) Excess Retained per Share	-0.03	0.09	0.17
LTM Dividend per Share	1.27	1.27	1.27
(+) Excess Retained per Share	-0.03	0.09	0.17
(=) Adjusted Dividend	1.24	1.36	1.44
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.70%	3.70%	4.70%
Fair Value	$31.56	$46.32	$73.66
Upside / Downside	50.57%	120.98%	251.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.65	39.05	40.49	41.99	43.54	45.15	46.51
Payout Ratio	81.66%	83.33%	85.00%	86.66%	88.33%	90.00%	92.50%
Projected Dividends (M)	30.75	32.54	34.42	36.39	38.46	40.64	43.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	2.70%	3.70%	4.70%
Year 1 PV (M)	30.19	30.48	30.78
Year 2 PV (M)	29.63	30.21	30.79
Year 3 PV (M)	29.06	29.92	30.80
Year 4 PV (M)	28.50	29.63	30.79
Year 5 PV (M)	27.94	29.33	30.77
PV of Terminal Value (M)	790.86	830.12	870.92
Equity Value (M)	936.18	979.69	1,024.85
Shares Outstanding (M)	24.26	24.26	24.26
Fair Value	$38.59	$40.38	$42.24
Upside / Downside	84.11%	92.67%	101.55%

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Financial Statements

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Boston Pizza Royalties Income Fund (BPF-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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