DDM Analysis: MKS.L

Valuation Snapshot

Stable Growth	$3.23 - $5.61	$4.25
Multi-Stage	$4.84 - $5.32	$5.08
Blended Fair Value	$4.66
Current Price	$3.56
Upside	31.03%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-20.55%	-14.23%	0.03	0.01	0.00	0.00	0.00	0.09	0.14	0.14	0.18	0.14
YoY Growth	-	-	208.67%	0.00%	0.00%	0.00%	-100.00%	-37.03%	0.03%	-19.63%	25.12%	7.48%
Dividend Yield	-	-	0.81%	0.36%	0.00%	0.00%	0.00%	9.16%	5.35%	5.60%	5.58%	3.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	525.10
(-) Cash Dividends Paid (M)	132.50
(=) Cash Retained (M)	392.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	105.02	65.64	39.38
Cash Retained (M)	392.60	392.60	392.60
(-) Cash Required (M)	-105.02	-65.64	-39.38
(=) Excess Retained (M)	287.58	326.96	353.22
(/) Shares Outstanding (M)	2,101.50	2,101.50	2,101.50
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	0.97%	1.97%	2.97%
Fair Value	$3.23	$4.25	$5.61
Upside / Downside	-9.17%	19.47%	57.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	525.10	535.44	545.99	556.74	567.71	578.89	596.26
Payout Ratio	25.23%	38.19%	51.14%	64.09%	77.05%	90.00%	92.50%
Projected Dividends (M)	132.50	204.47	279.22	356.83	437.40	521.00	551.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.21%	7.21%	7.21%
Growth Rate	0.97%	1.97%	2.97%
Year 1 PV (M)	188.84	190.71	192.58
Year 2 PV (M)	238.18	242.92	247.71
Year 3 PV (M)	281.13	289.56	298.17
Year 4 PV (M)	318.27	331.07	344.25
Year 5 PV (M)	350.13	367.82	386.21
PV of Terminal Value (M)	8,801.30	9,245.86	9,708.20
Equity Value (M)	10,177.85	10,667.94	11,177.12
Shares Outstanding (M)	2,101.50	2,101.50	2,101.50
Fair Value	$4.84	$5.08	$5.32
Upside / Downside	36.04%	42.59%	49.40%

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Marks and Spencer Group plc (MKS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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