DDM Analysis: BFT.WA

Valuation Snapshot

Stable Growth	$11,740.59 - $33,389.63	$31,290.97
Multi-Stage	$4,635.11 - $5,072.15	$4,849.62
Blended Fair Value	$18,070.30
Current Price	$3,035.00
Upside	495.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	270.90%	34.98%	127.44	38.54	0.00	0.55	0.25	0.18	0.07	0.21	0.50	7.34
YoY Growth	-	-	230.69%	0.00%	-100.00%	124.55%	35.33%	156.31%	-66.52%	-57.64%	-93.19%	15.61%
Dividend Yield	-	-	4.42%	1.34%	0.00%	0.09%	0.03%	0.03%	0.01%	0.02%	0.05%	1.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	526.13
(-) Cash Dividends Paid (M)	198.28
(=) Cash Retained (M)	327.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.23	65.77	39.46
Cash Retained (M)	327.85	327.85	327.85
(-) Cash Required (M)	-105.23	-65.77	-39.46
(=) Excess Retained (M)	222.62	262.08	288.39
(/) Shares Outstanding (M)	3.13	3.13	3.13
(=) Excess Retained per Share	71.04	83.63	92.03
LTM Dividend per Share	63.27	63.27	63.27
(+) Excess Retained per Share	71.04	83.63	92.03
(=) Adjusted Dividend	134.31	146.91	155.30
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11,740.59	$31,290.97	$33,389.63
Upside / Downside	286.84%	931.00%	1,000.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	526.13	560.33	596.75	635.54	676.85	720.84	742.47
Payout Ratio	37.69%	48.15%	58.61%	69.07%	79.54%	90.00%	92.50%
Projected Dividends (M)	198.28	269.80	349.77	439.00	538.35	648.76	686.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	250.47	252.84	255.21
Year 2 PV (M)	301.44	307.18	312.98
Year 3 PV (M)	351.23	361.31	371.59
Year 4 PV (M)	399.86	415.23	431.05
Year 5 PV (M)	447.34	468.94	491.38
PV of Terminal Value (M)	12,774.83	13,391.86	14,032.51
Equity Value (M)	14,525.16	15,197.37	15,894.71
Shares Outstanding (M)	3.13	3.13	3.13
Fair Value	$4,635.11	$4,849.62	$5,072.15
Upside / Downside	52.72%	59.79%	67.12%

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Benefit Systems S.A. (BFT.WA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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