DDM Analysis: 0QLU.L

Valuation Snapshot

Stable Growth	$236.94 - $768.88	$383.88
Multi-Stage	$205.94 - $225.80	$215.69
Blended Fair Value	$299.78
Current Price	$74.80
Upside	300.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.34%	3.76%	2.43	2.22	2.06	2.06	2.06	2.06	2.24	1.89	2.00	1.69
YoY Growth	-	-	9.10%	8.00%	0.00%	0.00%	0.00%	-8.05%	18.21%	-5.08%	18.09%	0.79%
Dividend Yield	-	-	3.52%	3.52%	3.38%	3.33%	3.51%	2.76%	2.84%	2.64%	2.88%	2.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	365.86
(-) Cash Dividends Paid (M)	45.44
(=) Cash Retained (M)	320.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	73.17	45.73	27.44
Cash Retained (M)	320.42	320.42	320.42
(-) Cash Required (M)	-73.17	-45.73	-27.44
(=) Excess Retained (M)	247.25	274.69	292.98
(/) Shares Outstanding (M)	40.86	40.86	40.86
(=) Excess Retained per Share	6.05	6.72	7.17
LTM Dividend per Share	1.11	1.11	1.11
(+) Excess Retained per Share	6.05	6.72	7.17
(=) Adjusted Dividend	7.16	7.83	8.28
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	3.89%	4.89%	5.89%
Fair Value	$236.94	$383.88	$768.88
Upside / Downside	216.77%	413.21%	927.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	365.86	383.77	402.55	422.25	442.92	464.60	478.53
Payout Ratio	12.42%	27.94%	43.45%	58.97%	74.48%	90.00%	92.50%
Projected Dividends (M)	45.44	107.21	174.92	248.99	329.90	418.14	442.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	3.89%	4.89%	5.89%
Year 1 PV (M)	99.21	100.16	101.12
Year 2 PV (M)	149.78	152.68	155.60
Year 3 PV (M)	197.30	203.05	208.92
Year 4 PV (M)	241.91	251.35	261.08
Year 5 PV (M)	283.72	297.64	312.10
PV of Terminal Value (M)	7,443.74	7,808.94	8,188.33
Equity Value (M)	8,415.66	8,813.83	9,227.15
Shares Outstanding (M)	40.86	40.86	40.86
Fair Value	$205.94	$215.69	$225.80
Upside / Downside	175.32%	188.35%	201.87%

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Basler Kantonalbank (0QLU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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