DDM Analysis: B

Valuation Snapshot

Stable Growth	$46.06 - $114.21	$68.95
Multi-Stage	$32.06 - $35.03	$33.52
Blended Fair Value	$51.23
Current Price	$32.77
Upside	56.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.90%	11.61%	0.40	0.41	0.66	0.37	0.32	0.32	0.07	0.07	0.05	0.09
YoY Growth	-	-	-0.57%	-38.76%	80.28%	15.90%	-0.18%	338.40%	0.00%	45.35%	-46.25%	-31.03%
Dividend Yield	-	-	2.08%	2.41%	3.57%	1.50%	1.60%	1.74%	0.54%	0.58%	0.26%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,583.00
(-) Cash Dividends Paid (M)	770.71
(=) Cash Retained (M)	2,812.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	716.60	447.88	268.73
Cash Retained (M)	2,812.29	2,812.29	2,812.29
(-) Cash Required (M)	-716.60	-447.88	-268.73
(=) Excess Retained (M)	2,095.69	2,364.41	2,543.56
(/) Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
(=) Excess Retained per Share	1.22	1.37	1.48
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	1.22	1.37	1.48
(=) Adjusted Dividend	1.66	1.82	1.92
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.06	$68.95	$114.21
Upside / Downside	40.55%	110.40%	248.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,583.00	3,815.90	4,063.93	4,328.08	4,609.41	4,909.02	5,056.29
Payout Ratio	21.51%	35.21%	48.91%	62.60%	76.30%	90.00%	92.50%
Projected Dividends (M)	770.71	1,343.51	1,987.51	2,709.56	3,517.07	4,418.12	4,677.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,217.53	1,229.08	1,240.62
Year 2 PV (M)	1,632.27	1,663.36	1,694.74
Year 3 PV (M)	2,016.61	2,074.50	2,133.48
Year 4 PV (M)	2,372.17	2,463.39	2,557.23
Year 5 PV (M)	2,700.49	2,830.92	2,966.35
PV of Terminal Value (M)	45,301.58	47,489.66	49,761.48
Equity Value (M)	55,240.64	57,750.90	60,353.90
Shares Outstanding (M)	1,723.01	1,723.01	1,723.01
Fair Value	$32.06	$33.52	$35.03
Upside / Downside	-2.16%	2.28%	6.89%

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Barrick Mining Corporation (B)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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