Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

The Becker Milk Company Limited (BEK-B.TO)

Company Dividend Discount ModelIndustry: Real Estate - ServicesSector: Real Estate

Valuation Snapshot

Stable Growth$10.21 - $14.35$12.27
Multi-Stage$24.52 - $27.03$25.75
Blended Fair Value$19.01
Current Price$12.89
Upside47.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS-22.16%0.00%0.801.800.800.800.802.800.800.800.800.80
YoY Growth---55.56%125.00%0.00%0.00%-71.43%250.00%0.00%0.00%0.00%0.00%
Dividend Yield--6.21%14.40%6.26%5.65%5.87%24.35%5.76%5.49%5.10%5.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3.05
(-) Cash Dividends Paid (M)1.45
(=) Cash Retained (M)1.60
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.610.380.23
Cash Retained (M)1.601.601.60
(-) Cash Required (M)-0.61-0.38-0.23
(=) Excess Retained (M)0.991.221.38
(/) Shares Outstanding (M)1.811.811.81
(=) Excess Retained per Share0.550.680.76
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share0.550.680.76
(=) Adjusted Dividend1.351.481.56
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate-5.27%-4.27%-3.27%
Fair Value$10.21$12.27$14.35
Upside / Downside-20.77%-4.82%11.34%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3.052.922.802.682.562.452.53
Payout Ratio47.42%55.94%64.45%72.97%81.48%90.00%92.50%
Projected Dividends (M)1.451.631.801.952.092.212.34

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.25%7.25%7.25%
Growth Rate-5.27%-4.27%-3.27%
Year 1 PV (M)1.511.521.54
Year 2 PV (M)1.531.571.60
Year 3 PV (M)1.531.581.63
Year 4 PV (M)1.511.581.65
Year 5 PV (M)1.481.561.64
PV of Terminal Value (M)36.7838.7640.83
Equity Value (M)44.3546.5748.89
Shares Outstanding (M)1.811.811.81
Fair Value$24.52$25.75$27.03
Upside / Downside90.24%99.79%109.73%

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