DDM Analysis: BGLP.L

Valuation Snapshot

Stable Growth	$1.80 - $2.63	$2.20
Multi-Stage	$3.22 - $3.53	$3.37
Blended Fair Value	$2.78
Current Price	$0.67
Upside	315.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-0.87%	0.00%	0.09	0.08	0.08	0.07	0.11	0.09	0.09	0.06	0.06	0.00
YoY Growth	-	-	6.00%	-0.12%	8.91%	-33.89%	25.60%	5.21%	38.08%	0.00%	0.00%	0.00%
Dividend Yield	-	-	14.56%	12.78%	10.18%	11.17%	13.62%	11.35%	8.72%	5.81%	5.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.86
(-) Cash Dividends Paid (M)	59.40
(=) Cash Retained (M)	47.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.37	13.36	8.01
Cash Retained (M)	47.46	47.46	47.46
(-) Cash Required (M)	-21.37	-13.36	-8.01
(=) Excess Retained (M)	26.09	34.10	39.44
(/) Shares Outstanding (M)	448.17	448.17	448.17
(=) Excess Retained per Share	0.06	0.08	0.09
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.06	0.08	0.09
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.80	$2.20	$2.63
Upside / Downside	168.29%	228.02%	292.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.86	105.79	104.73	103.68	102.65	101.62	104.67
Payout Ratio	55.59%	62.47%	69.35%	76.24%	83.12%	90.00%	92.50%
Projected Dividends (M)	59.40	66.09	72.63	79.04	85.32	91.46	96.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.39%	8.39%	8.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60.36	60.97	61.59
Year 2 PV (M)	60.59	61.83	63.09
Year 3 PV (M)	60.22	62.08	63.98
Year 4 PV (M)	59.36	61.82	64.36
Year 5 PV (M)	58.12	61.15	64.30
PV of Terminal Value (M)	1,142.55	1,202.05	1,264.00
Equity Value (M)	1,441.20	1,509.90	1,581.31
Shares Outstanding (M)	448.17	448.17	448.17
Fair Value	$3.22	$3.37	$3.53
Upside / Downside	379.31%	402.16%	425.91%

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Blackstone Loan Financing Limited (BGLP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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