DDM Analysis: BDGI.TO

Valuation Snapshot

Stable Growth	$272.61 - $321.25	$301.03
Multi-Stage	$181.97 - $199.92	$190.78
Blended Fair Value	$245.90
Current Price	$34.95
Upside	603.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.59%	3.57%	0.50	0.52	0.41	0.50	0.47	0.44	0.41	0.36	0.31	0.28
YoY Growth	-	-	-3.74%	26.44%	-16.88%	4.63%	7.39%	8.03%	14.97%	15.14%	9.38%	-20.12%
Dividend Yield	-	-	1.86%	1.42%	1.71%	1.97%	1.10%	1.94%	0.98%	1.43%	0.88%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.88
(-) Cash Dividends Paid (M)	17.80
(=) Cash Retained (M)	38.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.18	6.98	4.19
Cash Retained (M)	38.08	38.08	38.08
(-) Cash Required (M)	-11.18	-6.98	-4.19
(=) Excess Retained (M)	26.91	31.10	33.89
(/) Shares Outstanding (M)	34.16	34.16	34.16
(=) Excess Retained per Share	0.79	0.91	0.99
LTM Dividend per Share	0.52	0.52	0.52
(+) Excess Retained per Share	0.79	0.91	0.99
(=) Adjusted Dividend	1.31	1.43	1.51
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	4.17%	5.17%	6.17%
Fair Value	$272.61	$301.03	$321.25
Upside / Downside	679.99%	761.30%	819.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.88	58.77	61.80	65.00	68.36	71.89	74.05
Payout Ratio	31.85%	43.48%	55.11%	66.74%	78.37%	90.00%	92.50%
Projected Dividends (M)	17.80	25.55	34.06	43.38	53.57	64.70	68.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.66%	1.66%	1.66%
Growth Rate	4.17%	5.17%	6.17%
Year 1 PV (M)	24.90	25.13	25.37
Year 2 PV (M)	32.33	32.96	33.59
Year 3 PV (M)	40.12	41.29	42.48
Year 4 PV (M)	48.28	50.16	52.09
Year 5 PV (M)	56.81	59.59	62.48
PV of Terminal Value (M)	6,014.10	6,308.37	6,614.05
Equity Value (M)	6,216.54	6,517.50	6,830.06
Shares Outstanding (M)	34.16	34.16	34.16
Fair Value	$181.97	$190.78	$199.92
Upside / Downside	420.65%	445.85%	472.03%

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Badger Infrastructure Solutions Ltd. (BDGI.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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