DDM Analysis: BORR

Valuation Snapshot

Stable Growth	$2.80 - $4.50	$3.57
Multi-Stage	$7.57 - $8.35	$7.95
Blended Fair Value	$5.76
Current Price	$1.83
Upside	214.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	12.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.30
(-) Cash Dividends Paid (M)	9.58
(=) Cash Retained (M)	65.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.06	9.41	5.65
Cash Retained (M)	65.72	65.72	65.72
(-) Cash Required (M)	-15.06	-9.41	-5.65
(=) Excess Retained (M)	50.66	56.31	60.07
(/) Shares Outstanding (M)	278.55	278.55	278.55
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.80	$3.57	$4.50
Upside / Downside	53.26%	95.16%	145.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.30	74.55	73.80	73.06	72.33	71.61	73.76
Payout Ratio	12.72%	28.18%	43.63%	59.09%	74.54%	90.00%	92.50%
Projected Dividends (M)	9.58	21.01	32.20	43.17	53.92	64.45	68.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.56%	5.56%	5.56%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	19.70	19.90	20.10
Year 2 PV (M)	28.32	28.90	29.49
Year 3 PV (M)	35.61	36.71	37.83
Year 4 PV (M)	41.70	43.43	45.21
Year 5 PV (M)	46.75	49.18	51.71
PV of Terminal Value (M)	1,935.40	2,036.18	2,141.12
Equity Value (M)	2,107.47	2,214.30	2,325.46
Shares Outstanding (M)	278.55	278.55	278.55
Fair Value	$7.57	$7.95	$8.35
Upside / Downside	313.44%	334.39%	356.20%

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Borr Drilling Limited (BORR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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