DDM Analysis: REDD.L

Valuation Snapshot

Stable Growth	$45.48 - $212.53	$101.30
Multi-Stage	$24.21 - $26.47	$25.32
Blended Fair Value	$63.31
Current Price	$3.36
Upside	1,784.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	17.45%	24.75%	0.21	0.18	0.10	0.10	0.10	0.10	0.09	0.08	0.06	0.05
YoY Growth	-	-	18.96%	76.10%	2.45%	3.85%	0.28%	6.81%	8.76%	37.70%	19.40%	113.92%
Dividend Yield	-	-	5.76%	4.55%	2.82%	5.56%	2.62%	2.59%	1.69%	2.05%	0.93%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.86
(-) Cash Dividends Paid (M)	104.17
(=) Cash Retained (M)	155.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.97	32.48	19.49
Cash Retained (M)	155.69	155.69	155.69
(-) Cash Required (M)	-51.97	-32.48	-19.49
(=) Excess Retained (M)	103.72	123.21	136.20
(/) Shares Outstanding (M)	243.16	243.16	243.16
(=) Excess Retained per Share	0.43	0.51	0.56
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.43	0.51	0.56
(=) Adjusted Dividend	0.85	0.94	0.99
WACC / Discount Rate	7.48%	7.48%	7.48%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.48	$101.30	$212.53
Upside / Downside	1,253.66%	2,914.99%	6,225.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.86	276.75	294.74	313.89	334.30	356.03	366.71
Payout Ratio	40.09%	50.07%	60.05%	70.03%	80.02%	90.00%	92.50%
Projected Dividends (M)	104.17	138.56	176.99	219.83	267.49	320.42	339.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.48%	7.48%	7.48%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	127.71	128.92	130.13
Year 2 PV (M)	150.34	153.21	156.10
Year 3 PV (M)	172.10	177.04	182.07
Year 4 PV (M)	193.00	200.43	208.06
Year 5 PV (M)	213.08	223.37	234.05
PV of Terminal Value (M)	5,031.55	5,274.58	5,526.90
Equity Value (M)	5,887.78	6,157.53	6,437.32
Shares Outstanding (M)	243.16	243.16	243.16
Fair Value	$24.21	$25.32	$26.47
Upside / Downside	620.64%	653.66%	687.90%

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Redde Northgate plc (REDD.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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