DDM Analysis: BDX

Valuation Snapshot

Stable Growth	$165.51 - $600.23	$275.86
Multi-Stage	$110.24 - $120.23	$115.14
Blended Fair Value	$195.50
Current Price	$187.17
Upside	4.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.11%	9.45%	4.14	3.81	3.86	3.75	3.63	3.55	3.41	3.21	2.34	1.95
YoY Growth	-	-	8.73%	-1.26%	2.96%	3.24%	2.14%	4.27%	6.15%	36.93%	20.46%	15.88%
Dividend Yield	-	-	2.21%	1.68%	1.58%	1.47%	1.48%	1.46%	1.28%	1.46%	1.12%	1.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,678.00
(-) Cash Dividends Paid (M)	1,196.00
(=) Cash Retained (M)	482.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.60	209.75	125.85
Cash Retained (M)	482.00	482.00	482.00
(-) Cash Required (M)	-335.60	-209.75	-125.85
(=) Excess Retained (M)	146.40	272.25	356.15
(/) Shares Outstanding (M)	288.85	288.85	288.85
(=) Excess Retained per Share	0.51	0.94	1.23
LTM Dividend per Share	4.14	4.14	4.14
(+) Excess Retained per Share	0.51	0.94	1.23
(=) Adjusted Dividend	4.65	5.08	5.37
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$165.51	$275.86	$600.23
Upside / Downside	-11.57%	47.39%	220.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,678.00	1,787.07	1,903.23	2,026.94	2,158.69	2,299.01	2,367.98
Payout Ratio	71.28%	75.02%	78.77%	82.51%	86.26%	90.00%	92.50%
Projected Dividends (M)	1,196.00	1,340.66	1,499.08	1,672.43	1,861.98	2,069.10	2,190.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,224.46	1,236.06	1,247.67
Year 2 PV (M)	1,250.47	1,274.29	1,298.33
Year 3 PV (M)	1,274.15	1,310.72	1,347.99
Year 4 PV (M)	1,295.60	1,345.42	1,396.67
Year 5 PV (M)	1,314.92	1,378.44	1,444.38
PV of Terminal Value (M)	25,483.16	26,714.00	27,991.96
Equity Value (M)	31,842.75	33,258.93	34,726.99
Shares Outstanding (M)	288.85	288.85	288.85
Fair Value	$110.24	$115.14	$120.23
Upside / Downside	-41.10%	-38.48%	-35.77%

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HBEL.BO	Humming Bird Education Limited	1.26%	$0.30	36.54%
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KOG.OL	Kongsberg Gruppen ASA	1.26%	$3.40	42.40%
OEM-B.ST	OEM International AB (publ)	1.26%	$1.74	40.26%
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204320.KS	Mando Corporation	1.25%	$820.37	29.46%
3684.TWO	Grand-Tek Technology Co., Ltd.	1.25%	$0.80	29.94%
5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
600633.SS	Zhejiang Daily Digital Culture Group Co.,Ltd.	1.25%	$0.16	35.54%
600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
6632.T	JVCKENWOOD Corporation	1.25%	$15.03	12.26%
9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
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Financial Statements

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Becton, Dickinson and Company (BDX)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener