DDM Analysis: BDC

Valuation Snapshot

Stable Growth	$50.96 - $78.05	$63.61
Multi-Stage	$92.26 - $101.62	$96.85
Blended Fair Value	$80.23
Current Price	$120.60
Upside	-33.47%
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	-24.96%	-0.60%	0.20	0.21	0.22	0.22	0.22	0.85	1.06	1.07	0.40	0.21
YoY Growth	-	-	-3.57%	-5.04%	-1.18%	0.30%	-73.78%	-20.22%	-0.48%	169.77%	91.53%	-3.49%
Dividend Yield	-	-	0.20%	0.23%	0.25%	0.41%	0.48%	2.32%	1.95%	1.62%	0.59%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	228.02
(-) Cash Dividends Paid (M)	8.04
(=) Cash Retained (M)	219.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.60	28.50	17.10
Cash Retained (M)	219.98	219.98	219.98
(-) Cash Required (M)	-45.60	-28.50	-17.10
(=) Excess Retained (M)	174.37	191.47	202.87
(/) Shares Outstanding (M)	40.57	40.57	40.57
(=) Excess Retained per Share	4.30	4.72	5.00
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	4.30	4.72	5.00
(=) Adjusted Dividend	4.50	4.92	5.20
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	-1.36%	-0.36%	0.64%
Fair Value	$50.96	$63.61	$78.05
Upside / Downside	-57.74%	-47.25%	-35.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	228.02	227.20	226.39	225.58	224.78	223.97	230.69
Payout Ratio	3.53%	20.82%	38.12%	55.41%	72.71%	90.00%	92.50%
Projected Dividends (M)	8.04	47.31	86.29	125.00	163.42	201.58	213.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	-1.36%	-0.36%	0.64%
Year 1 PV (M)	43.63	44.07	44.51
Year 2 PV (M)	73.39	74.88	76.40
Year 3 PV (M)	98.04	101.05	104.12
Year 4 PV (M)	118.21	123.08	128.09
Year 5 PV (M)	134.46	141.42	148.66
PV of Terminal Value (M)	3,275.38	3,444.81	3,621.17
Equity Value (M)	3,743.11	3,929.31	4,122.95
Shares Outstanding (M)	40.57	40.57	40.57
Fair Value	$92.26	$96.85	$101.62
Upside / Downside	-23.50%	-19.69%	-15.73%

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Belden Inc. (BDC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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