DDM Analysis: IVPU.L

Valuation Snapshot

Stable Growth	$0.44 - $0.55	$0.50
Multi-Stage	$0.77 - $0.87	$0.82
Blended Fair Value	$0.66
Current Price	$1.57
Upside	-57.84%
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	0.00%	8.00%	0.09	0.09	0.05	0.06	0.06	0.00	0.06	0.06	0.05	0.04
YoY Growth	-	-	-2.29%	92.48%	-16.34%	-3.84%	0.00%	-100.00%	2.75%	13.59%	21.76%	0.79%
Dividend Yield	-	-	5.63%	5.26%	2.66%	4.09%	3.42%	0.00%	3.11%	3.56%	2.97%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.56
(-) Cash Dividends Paid (M)	7.97
(=) Cash Retained (M)	14.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.51	2.82	1.69
Cash Retained (M)	14.59	14.59	14.59
(-) Cash Required (M)	-4.51	-2.82	-1.69
(=) Excess Retained (M)	10.08	11.77	12.90
(/) Shares Outstanding (M)	75.83	75.83	75.83
(=) Excess Retained per Share	0.13	0.16	0.17
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.13	0.16	0.17
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	-28.61%	-27.61%	-26.61%
Fair Value	$0.44	$0.50	$0.55
Upside / Downside	-71.82%	-67.91%	-64.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.56	16.33	11.82	8.56	6.20	4.49	4.62
Payout Ratio	35.31%	46.25%	57.19%	68.13%	79.06%	90.00%	92.50%
Projected Dividends (M)	7.97	7.55	6.76	5.83	4.90	4.04	4.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	-28.61%	-27.61%	-26.61%
Year 1 PV (M)	6.78	6.88	6.97
Year 2 PV (M)	5.45	5.61	5.76
Year 3 PV (M)	4.22	4.40	4.59
Year 4 PV (M)	3.19	3.37	3.56
Year 5 PV (M)	2.36	2.53	2.71
PV of Terminal Value (M)	36.73	39.38	42.17
Equity Value (M)	58.74	62.17	65.77
Shares Outstanding (M)	75.83	75.83	75.83
Fair Value	$0.77	$0.82	$0.87
Upside / Downside	-50.66%	-47.78%	-44.75%

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Invesco Perpetual Select Trust plc - UK Equity Share Portfolio (IVPU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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