DDM Analysis: BKFR.TA

Valuation Snapshot

Stable Growth	$17.03 - $26.80	$21.50
Multi-Stage	$19.70 - $21.56	$20.61
Blended Fair Value	$21.06
Current Price	$13.94
Upside	51.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	19.03%	0.00%	0.43	0.43	0.43	0.00	0.25	0.18	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	40.14%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.16%	3.73%	4.26%	0.00%	1.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.99
(-) Cash Dividends Paid (M)	30.00
(=) Cash Retained (M)	84.99

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.00	14.37	8.62
Cash Retained (M)	84.99	84.99	84.99
(-) Cash Required (M)	-23.00	-14.37	-8.62
(=) Excess Retained (M)	61.99	70.62	76.36
(/) Shares Outstanding (M)	69.20	69.20	69.20
(=) Excess Retained per Share	0.90	1.02	1.10
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.90	1.02	1.10
(=) Adjusted Dividend	1.33	1.45	1.54
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.03%	3.03%	4.03%
Fair Value	$17.03	$21.50	$26.80
Upside / Downside	22.13%	54.26%	92.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.99	118.48	122.07	125.77	129.59	133.52	137.52
Payout Ratio	26.09%	38.87%	51.65%	64.44%	77.22%	90.00%	92.50%
Projected Dividends (M)	30.00	46.05	63.05	81.04	100.07	120.17	127.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	2.03%	3.03%	4.03%
Year 1 PV (M)	41.46	41.87	42.27
Year 2 PV (M)	51.10	52.11	53.13
Year 3 PV (M)	59.13	60.89	62.68
Year 4 PV (M)	65.73	68.35	71.04
Year 5 PV (M)	71.06	74.61	78.31
PV of Terminal Value (M)	1,074.69	1,128.39	1,184.22
Equity Value (M)	1,363.18	1,426.22	1,491.65
Shares Outstanding (M)	69.20	69.20	69.20
Fair Value	$19.70	$20.61	$21.56
Upside / Downside	41.31%	47.85%	54.63%

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Bait Bakfar Ltd (BKFR.TA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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