DDM Analysis: WINK.L

Valuation Snapshot

Stable Growth	$5.50 - $12.63	$8.03
Multi-Stage	$4.27 - $4.65	$4.45
Blended Fair Value	$6.24
Current Price	$2.06
Upside	203.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.86%	7.55%	0.12	0.12	0.15	0.12	0.07	0.07	0.07	0.07	0.09	0.06
YoY Growth	-	-	2.51%	-19.80%	20.31%	76.15%	-8.16%	2.76%	2.73%	-18.99%	37.39%	10.17%
Dividend Yield	-	-	6.12%	7.51%	9.18%	6.15%	4.79%	5.73%	6.42%	6.72%	8.72%	4.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.48
(-) Cash Dividends Paid (M)	3.15
(=) Cash Retained (M)	0.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.70	0.44	0.26
Cash Retained (M)	0.33	0.33	0.33
(-) Cash Required (M)	-0.70	-0.44	-0.26
(=) Excess Retained (M)	-0.37	-0.10	0.07
(/) Shares Outstanding (M)	12.99	12.99	12.99
(=) Excess Retained per Share	-0.03	-0.01	0.01
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.03	-0.01	0.01
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.50	$8.03	$12.63
Upside / Downside	167.19%	289.90%	513.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.48	3.71	3.95	4.20	4.48	4.77	4.91
Payout Ratio	90.49%	90.39%	90.29%	90.20%	90.10%	90.00%	92.50%
Projected Dividends (M)	3.15	3.35	3.56	3.79	4.03	4.29	4.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3.03	3.06	3.09
Year 2 PV (M)	2.91	2.97	3.02
Year 3 PV (M)	2.80	2.88	2.96
Year 4 PV (M)	2.69	2.79	2.90
Year 5 PV (M)	2.59	2.71	2.84
PV of Terminal Value (M)	41.44	43.45	45.52
Equity Value (M)	55.46	57.85	60.34
Shares Outstanding (M)	12.99	12.99	12.99
Fair Value	$4.27	$4.45	$4.65
Upside / Downside	107.30%	116.25%	125.53%

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M Winkworth PLC (WINK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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