DDM Analysis: QXT.L

Valuation Snapshot

Stable Growth	$2.35 - $3.47	$2.89
Multi-Stage	$3.23 - $3.54	$3.38
Blended Fair Value	$3.14
Current Price	$1.96
Upside	60.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	2.23%	0.00%	0.03	0.03	0.00	0.04	0.03	0.03	0.02	0.02	0.02	0.00
YoY Growth	-	-	2.16%	0.00%	-100.00%	19.22%	36.90%	20.79%	18.44%	8.44%	0.00%	0.00%
Dividend Yield	-	-	1.44%	1.15%	0.00%	1.37%	0.74%	0.48%	0.49%	0.73%	0.78%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.55
(-) Cash Dividends Paid (M)	5.08
(=) Cash Retained (M)	14.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.91	2.44	1.47
Cash Retained (M)	14.48	14.48	14.48
(-) Cash Required (M)	-3.91	-2.44	-1.47
(=) Excess Retained (M)	10.57	12.03	13.01
(/) Shares Outstanding (M)	66.83	66.83	66.83
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.23	0.26	0.27
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-0.12%	0.88%	1.88%
Fair Value	$2.35	$2.89	$3.47
Upside / Downside	19.95%	47.33%	77.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.55	19.72	19.90	20.07	20.25	20.42	21.04
Payout Ratio	25.96%	38.77%	51.57%	64.38%	77.19%	90.00%	92.50%
Projected Dividends (M)	5.08	7.65	10.26	12.92	15.63	18.38	19.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-0.12%	0.88%	1.88%
Year 1 PV (M)	6.89	6.96	7.03
Year 2 PV (M)	8.34	8.51	8.68
Year 3 PV (M)	9.47	9.76	10.05
Year 4 PV (M)	10.33	10.75	11.18
Year 5 PV (M)	10.95	11.51	12.09
PV of Terminal Value (M)	170.01	178.69	187.73
Equity Value (M)	215.99	226.17	236.75
Shares Outstanding (M)	66.83	66.83	66.83
Fair Value	$3.23	$3.38	$3.54
Upside / Downside	64.89%	72.66%	80.74%

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Quixant Plc (QXT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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