DDM Analysis: JEL.L

Valuation Snapshot

Stable Growth	$8.75 - $14.43	$11.27
Multi-Stage	$10.50 - $11.47	$10.97
Blended Fair Value	$11.12
Current Price	$4.35
Upside	155.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.37%	5.06%	0.20	0.19	0.18	0.17	0.16	0.15	0.15	0.14	0.13	0.13
YoY Growth	-	-	5.33%	5.63%	5.31%	5.31%	5.27%	5.11%	5.08%	3.98%	5.39%	4.21%
Dividend Yield	-	-	4.60%	4.18%	3.42%	2.85%	3.33%	3.43%	3.07%	3.05%	3.12%	2.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.01
(-) Cash Dividends Paid (M)	12.19
(=) Cash Retained (M)	10.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.60	2.88	1.73
Cash Retained (M)	10.82	10.82	10.82
(-) Cash Required (M)	-4.60	-2.88	-1.73
(=) Excess Retained (M)	6.21	7.94	9.09
(/) Shares Outstanding (M)	30.64	30.64	30.64
(=) Excess Retained per Share	0.20	0.26	0.30
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.20	0.26	0.30
(=) Adjusted Dividend	0.60	0.66	0.69
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	2.24%	3.24%	4.24%
Fair Value	$8.75	$11.27	$14.43
Upside / Downside	101.17%	159.09%	231.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.01	23.76	24.53	25.32	26.14	26.99	27.80
Payout Ratio	52.99%	60.39%	67.80%	75.20%	82.60%	90.00%	92.50%
Projected Dividends (M)	12.19	14.35	16.63	19.04	21.59	24.29	25.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	2.24%	3.24%	4.24%
Year 1 PV (M)	13.00	13.13	13.26
Year 2 PV (M)	13.66	13.93	14.20
Year 3 PV (M)	14.18	14.60	15.03
Year 4 PV (M)	14.57	15.15	15.75
Year 5 PV (M)	14.86	15.60	16.37
PV of Terminal Value (M)	251.31	263.85	276.88
Equity Value (M)	321.59	336.26	351.48
Shares Outstanding (M)	30.64	30.64	30.64
Fair Value	$10.50	$10.97	$11.47
Upside / Downside	141.28%	152.29%	163.71%

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Jersey Electricity plc (JEL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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