DDM Analysis: BLV.L

Valuation Snapshot

Stable Growth	$7.42 - $15.99	$10.59
Multi-Stage	$5.58 - $6.08	$5.82
Blended Fair Value	$8.21
Current Price	$2.10
Upside	290.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	6.08%	18.11%	0.08	0.09	0.05	0.07	0.06	0.06	0.06	0.05	0.04	0.03
YoY Growth	-	-	-3.59%	73.33%	-24.60%	4.36%	2.16%	8.11%	24.81%	7.10%	25.42%	117.00%
Dividend Yield	-	-	4.30%	3.32%	3.30%	4.69%	7.20%	6.34%	5.92%	3.99%	3.30%	1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14.66
(-) Cash Dividends Paid (M)	6.53
(=) Cash Retained (M)	8.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.93	1.83	1.10
Cash Retained (M)	8.14	8.14	8.14
(-) Cash Required (M)	-2.93	-1.83	-1.10
(=) Excess Retained (M)	5.20	6.30	7.04
(/) Shares Outstanding (M)	37.81	37.81	37.81
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.42	$10.59	$15.99
Upside / Downside	253.22%	404.30%	661.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14.66	15.62	16.63	17.71	18.86	20.09	20.69
Payout Ratio	44.51%	53.61%	62.71%	71.80%	80.90%	90.00%	92.50%
Projected Dividends (M)	6.53	8.37	10.43	12.72	15.26	18.08	19.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.54	7.62	7.69
Year 2 PV (M)	8.47	8.63	8.79
Year 3 PV (M)	9.31	9.58	9.85
Year 4 PV (M)	10.07	10.46	10.85
Year 5 PV (M)	10.75	11.27	11.81
PV of Terminal Value (M)	164.67	172.62	180.88
Equity Value (M)	210.81	220.17	229.87
Shares Outstanding (M)	37.81	37.81	37.81
Fair Value	$5.58	$5.82	$6.08
Upside / Downside	165.49%	177.27%	189.49%

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Belvoir Group PLC (BLV.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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