DDM Analysis: RSAB.L

Valuation Snapshot

Stable Growth	$0.07 - $0.08	$0.08
Multi-Stage	$0.13 - $0.14	$0.14
Blended Fair Value	$0.11
Current Price	$1.23
Upside	-91.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-47.75%	-24.87%	0.01	0.01	4.44	0.07	0.15	0.15	0.13	0.08	0.04	0.01
YoY Growth	-	-	-25.00%	-99.83%	6,324.07%	-55.37%	4.76%	15.50%	52.67%	101.54%	622.22%	-94.27%
Dividend Yield	-	-	0.52%	0.75%	352.24%	5.36%	11.64%	12.85%	8.59%	6.76%	3.49%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.00
(-) Cash Dividends Paid (M)	11.50
(=) Cash Retained (M)	35.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.40	5.88	3.53
Cash Retained (M)	35.50	35.50	35.50
(-) Cash Required (M)	-9.40	-5.88	-3.53
(=) Excess Retained (M)	26.10	29.63	31.98
(/) Shares Outstanding (M)	1,563.26	1,563.26	1,563.26
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.02	0.03	0.03
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-19.51%	-18.51%	-17.51%
Fair Value	$0.07	$0.08	$0.08
Upside / Downside	-94.59%	-93.80%	-93.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.00	38.30	31.21	25.43	20.73	16.89	17.40
Payout Ratio	24.47%	37.57%	50.68%	63.79%	76.89%	90.00%	92.50%
Projected Dividends (M)	11.50	14.39	15.82	16.22	15.94	15.20	16.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	-19.51%	-18.51%	-17.51%
Year 1 PV (M)	12.97	13.13	13.29
Year 2 PV (M)	12.85	13.17	13.49
Year 3 PV (M)	11.88	12.32	12.78
Year 4 PV (M)	10.51	11.05	11.60
Year 5 PV (M)	9.04	9.61	10.22
PV of Terminal Value (M)	145.04	154.28	163.98
Equity Value (M)	202.29	213.56	225.37
Shares Outstanding (M)	1,563.26	1,563.26	1,563.26
Fair Value	$0.13	$0.14	$0.14
Upside / Downside	-89.48%	-88.89%	-88.28%

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RSA Insurance Group plc 7.375% CUM IRR PRF GBP1 (RSAB.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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