DDM Analysis: MVI.L

Valuation Snapshot

Stable Growth	$2.70 - $3.83	$3.26
Multi-Stage	$4.18 - $4.58	$4.38
Blended Fair Value	$3.82
Current Price	$0.92
Upside	314.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.18%	0.00%	0.09	0.09	0.09	0.09	0.00	0.07	0.08	0.10	0.14	0.00
YoY Growth	-	-	0.00%	0.00%	-0.65%	0.00%	-100.00%	-6.52%	-25.00%	-28.15%	0.00%	0.00%
Dividend Yield	-	-	9.57%	10.97%	9.30%	7.47%	0.00%	6.79%	6.47%	6.42%	9.99%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.54
(-) Cash Dividends Paid (M)	10.05
(=) Cash Retained (M)	13.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.71	2.94	1.77
Cash Retained (M)	13.48	13.48	13.48
(-) Cash Required (M)	-4.71	-2.94	-1.77
(=) Excess Retained (M)	8.77	10.54	11.72
(/) Shares Outstanding (M)	56.92	56.92	56.92
(=) Excess Retained per Share	0.15	0.19	0.21
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.15	0.19	0.21
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.70	$3.26	$3.83
Upside / Downside	192.99%	253.17%	314.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.54	23.30	23.07	22.84	22.61	22.38	23.05
Payout Ratio	42.72%	52.18%	61.63%	71.09%	80.54%	90.00%	92.50%
Projected Dividends (M)	10.05	12.16	14.22	16.23	18.21	20.14	21.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.94	11.05	11.16
Year 2 PV (M)	11.51	11.75	11.99
Year 3 PV (M)	11.83	12.20	12.57
Year 4 PV (M)	11.95	12.44	12.95
Year 5 PV (M)	11.89	12.51	13.16
PV of Terminal Value (M)	180.00	189.37	199.13
Equity Value (M)	238.13	249.33	260.97
Shares Outstanding (M)	56.92	56.92	56.92
Fair Value	$4.18	$4.38	$4.58
Upside / Downside	353.49%	374.83%	396.99%

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Marwyn Value Investors Limited (MVI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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