DDM Analysis: BRSA.L

Valuation Snapshot

Stable Growth	$1.23 - $1.75	$1.49
Multi-Stage	$1.94 - $2.12	$2.03
Blended Fair Value	$1.76
Current Price	$1.98
Upside	-11.14%
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	5.14%	10.77%	0.08	0.08	0.08	0.08	0.07	0.06	0.04	0.04	0.04	0.05
YoY Growth	-	-	0.00%	0.27%	-0.97%	11.81%	15.74%	47.87%	1.11%	-6.34%	-7.52%	67.19%
Dividend Yield	-	-	4.62%	4.06%	4.03%	5.54%	3.87%	3.68%	2.63%	2.68%	3.95%	4.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.10
(-) Cash Dividends Paid (M)	7.97
(=) Cash Retained (M)	7.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.02	1.89	1.13
Cash Retained (M)	7.13	7.13	7.13
(-) Cash Required (M)	-3.02	-1.89	-1.13
(=) Excess Retained (M)	4.11	5.24	6.00
(/) Shares Outstanding (M)	79.91	79.91	79.91
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.15	0.17	0.17
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.23	$1.49	$1.75
Upside / Downside	-37.65%	-24.84%	-11.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.10	14.95	14.80	14.65	14.50	14.36	14.79
Payout Ratio	52.78%	60.23%	67.67%	75.11%	82.56%	90.00%	92.50%
Projected Dividends (M)	7.97	9.00	10.01	11.01	11.97	12.92	13.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.10	8.18	8.27
Year 2 PV (M)	8.11	8.28	8.44
Year 3 PV (M)	8.02	8.27	8.52
Year 4 PV (M)	7.85	8.18	8.51
Year 5 PV (M)	7.63	8.02	8.44
PV of Terminal Value (M)	115.35	121.36	127.61
Equity Value (M)	155.07	162.29	169.80
Shares Outstanding (M)	79.91	79.91	79.91
Fair Value	$1.94	$2.03	$2.12
Upside / Downside	-1.99%	2.57%	7.32%

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BlackRock Sustainable American Income Trust plc (BRSA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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