DDM Analysis: SIG

Valuation Snapshot

Stable Growth	$39.24 - $65.03	$50.65
Multi-Stage	$75.64 - $83.18	$79.34
Blended Fair Value	$65.00
Current Price	$98.85
Upside	-34.25%
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	-8.89%	-1.28%	1.15	0.94	0.86	0.45	0.46	1.82	1.86	1.80	1.78	1.58
YoY Growth	-	-	21.80%	9.02%	92.63%	-2.06%	-74.94%	-2.03%	3.27%	1.19%	12.67%	21.34%
Dividend Yield	-	-	1.87%	1.00%	1.17%	0.64%	0.77%	20.09%	8.04%	4.76%	2.71%	1.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	145.00
(-) Cash Dividends Paid (M)	51.50
(=) Cash Retained (M)	93.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.00	18.13	10.88
Cash Retained (M)	93.50	93.50	93.50
(-) Cash Required (M)	-29.00	-18.13	-10.88
(=) Excess Retained (M)	64.50	75.38	82.63
(/) Shares Outstanding (M)	42.43	42.43	42.43
(=) Excess Retained per Share	1.52	1.78	1.95
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	1.52	1.78	1.95
(=) Adjusted Dividend	2.73	2.99	3.16
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-0.43%	0.57%	1.57%
Fair Value	$39.24	$50.65	$65.03
Upside / Downside	-60.30%	-48.76%	-34.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	145.00	145.83	146.66	147.50	148.34	149.19	153.66
Payout Ratio	35.52%	46.41%	57.31%	68.21%	79.10%	90.00%	92.50%
Projected Dividends (M)	51.50	67.68	84.05	100.60	117.34	134.27	142.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-0.43%	0.57%	1.57%
Year 1 PV (M)	62.92	63.55	64.18
Year 2 PV (M)	72.63	74.09	75.57
Year 3 PV (M)	80.81	83.26	85.77
Year 4 PV (M)	87.61	91.18	94.86
Year 5 PV (M)	93.19	97.96	102.93
PV of Terminal Value (M)	2,811.75	2,955.81	3,105.71
Equity Value (M)	3,208.90	3,365.86	3,529.03
Shares Outstanding (M)	42.43	42.43	42.43
Fair Value	$75.64	$79.34	$83.18
Upside / Downside	-23.48%	-19.74%	-15.85%

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Signet Jewelers Limited (SIG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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