DDM Analysis: BEI-UN.TO

Valuation Snapshot

Stable Growth	$152.76 - $452.23	$241.31
Multi-Stage	$137.72 - $150.96	$144.22
Blended Fair Value	$192.76
Current Price	$69.13
Upside	178.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.68%	-2.71%	1.44	1.02	0.95	0.91	0.91	0.91	1.00	2.03	2.92	3.18
YoY Growth	-	-	40.52%	7.89%	4.39%	0.05%	0.23%	-9.29%	-50.83%	-30.35%	-8.46%	68.39%
Dividend Yield	-	-	2.14%	1.33%	1.72%	1.54%	2.50%	3.95%	2.45%	4.59%	6.18%	6.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	313.58
(-) Cash Dividends Paid (M)	55.26
(=) Cash Retained (M)	258.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.72	39.20	23.52
Cash Retained (M)	258.32	258.32	258.32
(-) Cash Required (M)	-62.72	-39.20	-23.52
(=) Excess Retained (M)	195.60	219.12	234.80
(/) Shares Outstanding (M)	51.30	51.30	51.30
(=) Excess Retained per Share	3.81	4.27	4.58
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	3.81	4.27	4.58
(=) Adjusted Dividend	4.89	5.35	5.65
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.79%	4.79%	5.79%
Fair Value	$152.76	$241.31	$452.23
Upside / Downside	120.97%	249.07%	554.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	313.58	328.60	344.34	360.84	378.12	396.23	408.12
Payout Ratio	17.62%	32.10%	46.57%	61.05%	75.52%	90.00%	92.50%
Projected Dividends (M)	55.26	105.48	160.37	220.29	285.57	356.61	377.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	3.79%	4.79%	5.79%
Year 1 PV (M)	97.53	98.47	99.41
Year 2 PV (M)	137.13	139.78	142.46
Year 3 PV (M)	174.17	179.25	184.44
Year 4 PV (M)	208.79	216.95	225.35
Year 5 PV (M)	241.08	252.92	265.22
PV of Terminal Value (M)	6,205.75	6,510.53	6,827.16
Equity Value (M)	7,064.45	7,397.91	7,744.04
Shares Outstanding (M)	51.30	51.30	51.30
Fair Value	$137.72	$144.22	$150.96
Upside / Downside	99.21%	108.62%	118.38%

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FRME	First Merchants Corporation	3.83%	$1.44	35.39%
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LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
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UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
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FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
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CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
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Boardwalk Real Estate Investment Trust (BEI-UN.TO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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