DDM Analysis: BHE

Valuation Snapshot

Stable Growth	$8.14 - $12.02	$10.00
Multi-Stage	$14.15 - $15.51	$14.82
Blended Fair Value	$12.41
Current Price	$38.55
Upside	-67.81%
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	0.53%	0.00%	0.66	0.64	0.64	0.64	0.63	0.64	0.58	0.00	0.00	0.00
YoY Growth	-	-	1.95%	1.29%	-0.45%	0.95%	-1.06%	10.86%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.73%	2.18%	2.68%	2.55%	2.05%	3.20%	2.14%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.30
(-) Cash Dividends Paid (M)	24.48
(=) Cash Retained (M)	12.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.46	4.66	2.80
Cash Retained (M)	12.82	12.82	12.82
(-) Cash Required (M)	-7.46	-4.66	-2.80
(=) Excess Retained (M)	5.36	8.16	10.03
(/) Shares Outstanding (M)	36.43	36.43	36.43
(=) Excess Retained per Share	0.15	0.22	0.28
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.15	0.22	0.28
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-1.47%	-0.47%	0.53%
Fair Value	$8.14	$10.00	$12.02
Upside / Downside	-78.89%	-74.06%	-68.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.30	37.13	36.95	36.78	36.61	36.44	37.53
Payout Ratio	65.62%	70.50%	75.37%	80.25%	85.12%	90.00%	92.50%
Projected Dividends (M)	24.48	26.17	27.85	29.52	31.16	32.79	34.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-1.47%	-0.47%	0.53%
Year 1 PV (M)	23.89	24.13	24.38
Year 2 PV (M)	23.21	23.68	24.16
Year 3 PV (M)	22.45	23.14	23.84
Year 4 PV (M)	21.63	22.53	23.45
Year 5 PV (M)	20.78	21.86	22.98
PV of Terminal Value (M)	403.51	424.40	446.15
Equity Value (M)	515.47	539.74	564.96
Shares Outstanding (M)	36.43	36.43	36.43
Fair Value	$14.15	$14.82	$15.51
Upside / Downside	-63.29%	-61.56%	-59.77%

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4912.T	Lion Corporation	1.64%	$27.13	35.97%
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600256.SS	Guanghui Energy Co., Ltd.	1.64%	$0.08	26.14%
605365.SS	Leedarson IoT Technology Inc.	1.64%	$0.44	81.91%
6244.TWO	Motech Industries Inc.	1.64%	$0.34	98.50%
6367.T	Daikin Industries,Ltd.	1.64%	$330.12	35.31%
6383.T	Daifuku Co., Ltd.	1.64%	$80.66	36.37%
6454.T	Max Co., Ltd.	1.64%	$113.15	45.27%
LSS.PA	Lectra S.A.	1.64%	$0.41	50.95%
MEVA.AT	Mevaco S.A.	1.64%	$0.15	13.50%
MOVI3.SA	Movida Participações S.A.	1.64%	$0.16	19.79%
SRSOLTD.BO	Silicon Rental Solutions Ltd.	1.64%	$1.90	9.23%
002266.SZ	Zhefu Holding Group Co., Ltd.	1.63%	$0.07	37.41%
0GDU.L	Paradox Interactive AB (publ)	1.63%	$5.00	82.82%
300121.SZ	Shandong Yanggu Huatai Chemical Co., Ltd.	1.63%	$0.21	53.84%
603013.SS	YAPP Automotive Systems Co., Ltd.	1.63%	$0.40	37.85%
603081.SS	Zhejiang Dafeng Industry Co., Ltd	1.63%	$0.23	92.61%
603194.SS	Zhejiang E-P Equipment Co Ltd	1.63%	$0.64	29.27%
603221.SS	Elegant Home-Tech Co., Ltd.	1.63%	$0.21	78.59%
BEI.DE	Beiersdorf AG	1.63%	$1.52	25.19%
CLD.WA	Cloud Technologies S.A.	1.63%	$1.14	92.28%
IVS.MI	IVS Group S.A.	1.63%	$0.12	62.72%
LDO.MI	Leonardo S.p.A.	1.63%	$0.84	33.82%
MEOH	Methanex Corporation	1.63%	$0.67	24.08%
PARKIN.AE	Parkin Company PJSC	1.63%	$0.09	49.98%
051900.KS	LG H&H Co., Ltd.	1.62%	$4,377.83	70.74%
0F4O.L	Lotus Bakeries N.V.	1.62%	$133.75	36.00%
300206.SZ	Edan Instruments, Inc.	1.62%	$0.21	48.61%
5393.T	Nichias Corporation	1.62%	$110.01	23.11%
603385.SS	Huida Sanitary Ware Co., Ltd.	1.62%	$0.11	69.37%
605050.SS	Friend Co.,Ltd.	1.62%	$0.22	30.01%
7378.T	ASIRO Inc.	1.62%	$23.93	20.21%
BPAC11.SA	Banco BTG Pactual S.A.	1.62%	$0.84	27.38%
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VALO.BA	Banco de Valores S.A.	1.62%	$8.91	22.52%
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002913.SZ	Aoshikang Technology Co., Ltd.	1.61%	$0.69	60.58%
007570.KS	Ilyang Pharmaceutical Co.,Ltd	1.61%	$210.74	33.61%
066570.KS	LG Electronics Inc.	1.61%	$1,472.83	36.12%
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ABB.AX	Aussie Broadband Limited	1.61%	$0.08	39.83%
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Benchmark Electronics, Inc. (BHE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener