DDM Analysis: GDWN.L

Valuation Snapshot

Stable Growth	$116.71 - $275.76	$171.97
Multi-Stage	$84.88 - $92.60	$88.67
Blended Fair Value	$130.32
Current Price	$67.20
Upside	93.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.59%	12.60%	1.33	1.15	1.10	1.05	0.80	0.92	0.81	0.42	0.41	0.41
YoY Growth	-	-	15.66%	4.19%	5.43%	30.68%	-13.15%	13.08%	95.28%	0.84%	0.19%	1.84%
Dividend Yield	-	-	1.98%	1.68%	2.77%	3.12%	2.69%	4.11%	2.63%	2.36%	2.59%	1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.47
(-) Cash Dividends Paid (M)	18.62
(=) Cash Retained (M)	22.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.29	5.18	3.11
Cash Retained (M)	22.85	22.85	22.85
(-) Cash Required (M)	-8.29	-5.18	-3.11
(=) Excess Retained (M)	14.55	17.66	19.74
(/) Shares Outstanding (M)	7.52	7.52	7.52
(=) Excess Retained per Share	1.94	2.35	2.63
LTM Dividend per Share	2.48	2.48	2.48
(+) Excess Retained per Share	1.94	2.35	2.63
(=) Adjusted Dividend	4.41	4.83	5.10
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.71	$171.97	$275.76
Upside / Downside	73.67%	155.90%	310.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.47	44.17	47.04	50.09	53.35	56.82	58.52
Payout Ratio	44.91%	53.93%	62.95%	71.96%	80.98%	90.00%	92.50%
Projected Dividends (M)	18.62	23.82	29.61	36.05	43.20	51.14	54.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21.55	21.75	21.96
Year 2 PV (M)	24.24	24.70	25.16
Year 3 PV (M)	26.70	27.47	28.25
Year 4 PV (M)	28.95	30.06	31.21
Year 5 PV (M)	31.00	32.50	34.05
PV of Terminal Value (M)	505.78	530.21	555.58
Equity Value (M)	638.22	666.69	696.21
Shares Outstanding (M)	7.52	7.52	7.52
Fair Value	$84.88	$88.67	$92.60
Upside / Downside	26.32%	31.95%	37.79%

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Goodwin PLC (GDWN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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