DDM Analysis: MIDW.L

Valuation Snapshot

Stable Growth	$15.23 - $58.35	$43.70
Multi-Stage	$7.56 - $8.26	$7.90
Blended Fair Value	$25.80
Current Price	$2.11
Upside	1,122.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.76%	0.00%	0.16	0.14	0.10	0.05	0.00	0.12	0.11	0.09	0.01	0.00
YoY Growth	-	-	14.26%	37.44%	95.78%	0.00%	-100.00%	9.31%	26.67%	636.53%	0.00%	0.00%
Dividend Yield	-	-	5.62%	3.38%	2.47%	0.85%	0.00%	2.15%	2.20%	1.72%	0.50%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.64
(-) Cash Dividends Paid (M)	22.71
(=) Cash Retained (M)	7.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.13	3.83	2.30
Cash Retained (M)	7.93	7.93	7.93
(-) Cash Required (M)	-6.13	-3.83	-2.30
(=) Excess Retained (M)	1.80	4.10	5.63
(/) Shares Outstanding (M)	104.37	104.37	104.37
(=) Excess Retained per Share	0.02	0.04	0.05
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.02	0.04	0.05
(=) Adjusted Dividend	0.23	0.26	0.27
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	5.43%	6.43%	7.43%
Fair Value	$15.23	$43.70	$58.35
Upside / Downside	621.90%	1,971.06%	2,665.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.64	32.61	34.71	36.94	39.32	41.84	43.10
Payout Ratio	74.12%	77.30%	80.47%	83.65%	86.82%	90.00%	92.50%
Projected Dividends (M)	22.71	25.21	27.93	30.90	34.14	37.66	39.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.06%	7.06%	7.06%
Growth Rate	5.43%	6.43%	7.43%
Year 1 PV (M)	23.33	23.55	23.77
Year 2 PV (M)	23.92	24.37	24.83
Year 3 PV (M)	24.48	25.18	25.90
Year 4 PV (M)	25.03	25.99	26.98
Year 5 PV (M)	25.55	26.78	28.06
PV of Terminal Value (M)	666.83	699.06	732.53
Equity Value (M)	789.13	824.93	862.07
Shares Outstanding (M)	104.37	104.37	104.37
Fair Value	$7.56	$7.90	$8.26
Upside / Downside	258.33%	274.59%	291.45%

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Midwich Group plc (MIDW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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