DDM Analysis: BTB-UN.TO

Valuation Snapshot

Stable Growth	$10.14 - $27.23	$15.56
Multi-Stage	$7.98 - $8.71	$8.34
Blended Fair Value	$11.95
Current Price	$3.64
Upside	228.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.16%	7.29%	0.26	0.25	0.24	0.21	0.21	0.24	0.22	0.18	0.16	0.14
YoY Growth	-	-	2.49%	3.33%	18.72%	-4.43%	-11.83%	12.99%	18.98%	12.84%	12.07%	12.25%
Dividend Yield	-	-	7.59%	7.84%	6.81%	4.81%	5.09%	7.71%	4.50%	4.00%	3.37%	3.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.12
(-) Cash Dividends Paid (M)	24.17
(=) Cash Retained (M)	13.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.62	4.76	2.86
Cash Retained (M)	13.95	13.95	13.95
(-) Cash Required (M)	-7.62	-4.76	-2.86
(=) Excess Retained (M)	6.32	9.18	11.09
(/) Shares Outstanding (M)	88.53	88.53	88.53
(=) Excess Retained per Share	0.07	0.10	0.13
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.07	0.10	0.13
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	4.83%	5.83%	6.83%
Fair Value	$10.14	$15.56	$27.23
Upside / Downside	178.47%	327.47%	648.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.12	40.34	42.69	45.18	47.81	50.60	52.12
Payout Ratio	63.41%	68.73%	74.05%	79.36%	84.68%	90.00%	92.50%
Projected Dividends (M)	24.17	27.73	31.61	35.86	40.49	45.54	48.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	4.83%	5.83%	6.83%
Year 1 PV (M)	25.34	25.58	25.82
Year 2 PV (M)	26.40	26.91	27.42
Year 3 PV (M)	27.37	28.16	28.96
Year 4 PV (M)	28.24	29.33	30.46
Year 5 PV (M)	29.03	30.44	31.90
PV of Terminal Value (M)	570.02	597.73	626.51
Equity Value (M)	706.40	738.15	771.08
Shares Outstanding (M)	88.53	88.53	88.53
Fair Value	$7.98	$8.34	$8.71
Upside / Downside	119.21%	129.07%	139.28%

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BTB Real Estate Investment Trust (BTB-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener