DDM Analysis: VSVS.L

Valuation Snapshot

Stable Growth	$7.02 - $11.23	$8.93
Multi-Stage	$10.71 - $11.72	$11.21
Blended Fair Value	$10.07
Current Price	$3.92
Upside	156.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.54%	4.02%	0.23	0.23	0.22	0.21	0.03	0.21	0.19	0.17	0.17	0.17
YoY Growth	-	-	0.66%	4.48%	4.68%	560.71%	-84.42%	7.80%	9.65%	3.87%	0.00%	6.55%
Dividend Yield	-	-	5.50%	4.80%	5.47%	4.69%	0.60%	4.10%	3.75%	2.97%	4.23%	5.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	174.30
(-) Cash Dividends Paid (M)	119.80
(=) Cash Retained (M)	54.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.86	21.79	13.07
Cash Retained (M)	54.50	54.50	54.50
(-) Cash Required (M)	-34.86	-21.79	-13.07
(=) Excess Retained (M)	19.64	32.71	41.43
(/) Shares Outstanding (M)	262.73	262.73	262.73
(=) Excess Retained per Share	0.07	0.12	0.16
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.07	0.12	0.16
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	0.54%	1.54%	2.54%
Fair Value	$7.02	$8.93	$11.23
Upside / Downside	79.08%	127.79%	186.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	174.30	176.98	179.71	182.47	185.28	188.13	193.78
Payout Ratio	68.73%	72.99%	77.24%	81.49%	85.75%	90.00%	92.50%
Projected Dividends (M)	119.80	129.17	138.80	148.70	158.87	169.32	179.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	0.54%	1.54%	2.54%
Year 1 PV (M)	118.27	119.45	120.63
Year 2 PV (M)	116.37	118.69	121.04
Year 3 PV (M)	114.15	117.59	121.09
Year 4 PV (M)	111.66	116.17	120.82
Year 5 PV (M)	108.96	114.49	120.24
PV of Terminal Value (M)	2,243.98	2,357.82	2,476.23
Equity Value (M)	2,813.39	2,944.21	3,080.05
Shares Outstanding (M)	262.73	262.73	262.73
Fair Value	$10.71	$11.21	$11.72
Upside / Downside	173.17%	185.87%	199.06%

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Vesuvius plc (VSVS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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