DDM Analysis: BYIT.L

Valuation Snapshot

Stable Growth	$2.78 - $3.94	$3.35
Multi-Stage	$4.58 - $5.00	$4.79
Blended Fair Value	$4.07
Current Price	$4.12
Upside	-1.18%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018
DPS	25.43%	0.00%	0.17	0.15	0.12	0.02	0.19	0.06	0.03	0.00	0.00	0.00
YoY Growth	-	-	16.93%	19.53%	539.96%	-90.14%	252.17%	112.31%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.10%	2.69%	3.07%	0.42%	4.75%	1.67%	0.78%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	105.34
(-) Cash Dividends Paid (M)	83.86
(=) Cash Retained (M)	21.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.07	13.17	7.90
Cash Retained (M)	21.48	21.48	21.48
(-) Cash Required (M)	-21.07	-13.17	-7.90
(=) Excess Retained (M)	0.41	8.31	13.58
(/) Shares Outstanding (M)	249.41	249.41	249.41
(=) Excess Retained per Share	0.00	0.03	0.05
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.00	0.03	0.05
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.78	$3.35	$3.94
Upside / Downside	-32.50%	-18.58%	-4.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	105.34	104.28	103.24	102.21	101.18	100.17	103.18
Payout Ratio	79.61%	81.69%	83.77%	85.84%	87.92%	90.00%	92.50%
Projected Dividends (M)	83.86	85.19	86.48	87.74	88.96	90.16	95.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	76.72	77.51	78.29
Year 2 PV (M)	70.15	71.59	73.05
Year 3 PV (M)	64.11	66.09	68.11
Year 4 PV (M)	58.55	60.97	63.47
Year 5 PV (M)	53.44	56.22	59.12
PV of Terminal Value (M)	819.16	861.82	906.23
Equity Value (M)	1,142.13	1,194.20	1,248.27
Shares Outstanding (M)	249.41	249.41	249.41
Fair Value	$4.58	$4.79	$5.00
Upside / Downside	11.15%	16.21%	21.48%

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Bytes Technology Group plc (BYIT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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