DDM Analysis: BTT

Valuation Snapshot

Stable Growth	$8.58 - $11.88	$10.24
Multi-Stage	$22.67 - $24.97	$23.80
Blended Fair Value	$17.02
Current Price	$22.16
Upside	-23.20%
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	-5.79%	-5.32%	0.60	0.56	0.83	0.82	0.82	0.82	0.82	0.94	1.04	1.05
YoY Growth	-	-	7.62%	-32.29%	1.84%	0.00%	0.00%	0.00%	-13.13%	-10.21%	-0.15%	0.15%
Dividend Yield	-	-	2.73%	2.66%	3.95%	3.45%	3.10%	3.29%	3.47%	4.38%	4.51%	4.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101.10
(-) Cash Dividends Paid (M)	75.59
(=) Cash Retained (M)	25.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.22	12.64	7.58
Cash Retained (M)	25.52	25.52	25.52
(-) Cash Required (M)	-20.22	-12.64	-7.58
(=) Excess Retained (M)	5.30	12.88	17.93
(/) Shares Outstanding (M)	64.77	64.77	64.77
(=) Excess Retained per Share	0.08	0.20	0.28
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	0.08	0.20	0.28
(=) Adjusted Dividend	1.25	1.37	1.44
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-6.48%	-5.48%	-4.48%
Fair Value	$8.58	$10.24	$11.88
Upside / Downside	-61.27%	-53.78%	-46.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101.10	95.56	90.33	85.38	80.70	76.28	78.57
Payout Ratio	74.76%	77.81%	80.86%	83.90%	86.95%	90.00%	92.50%
Projected Dividends (M)	75.59	74.36	73.04	71.64	70.17	68.65	72.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-6.48%	-5.48%	-4.48%
Year 1 PV (M)	68.68	69.41	70.14
Year 2 PV (M)	62.30	63.64	65.00
Year 3 PV (M)	56.44	58.27	60.14
Year 4 PV (M)	51.06	53.28	55.57
Year 5 PV (M)	46.14	48.66	51.29
PV of Terminal Value (M)	1,183.44	1,248.08	1,315.51
Equity Value (M)	1,468.06	1,541.34	1,617.65
Shares Outstanding (M)	64.77	64.77	64.77
Fair Value	$22.67	$23.80	$24.97
Upside / Downside	2.28%	7.38%	12.70%

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Blackrock Municipal 2030 Target Term Trust (BTT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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