DDM Analysis: LWDB.L

Valuation Snapshot

Stable Growth	$55.88 - $150.16	$85.79
Multi-Stage	$38.27 - $41.81	$40.01
Blended Fair Value	$62.90
Current Price	$10.00
Upside	528.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.29%	9.16%	0.33	0.31	0.28	0.27	0.35	0.18	0.16	0.15	0.15	0.15
YoY Growth	-	-	6.16%	9.02%	6.43%	-24.20%	99.87%	9.59%	4.74%	5.02%	0.02%	6.74%
Dividend Yield	-	-	3.66%	3.84%	3.66%	3.32%	5.07%	2.69%	2.96%	2.42%	2.74%	2.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.57
(-) Cash Dividends Paid (M)	87.07
(=) Cash Retained (M)	223.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.11	38.82	23.29
Cash Retained (M)	223.50	223.50	223.50
(-) Cash Required (M)	-62.11	-38.82	-23.29
(=) Excess Retained (M)	161.38	184.68	200.21
(/) Shares Outstanding (M)	131.71	131.71	131.71
(=) Excess Retained per Share	1.23	1.40	1.52
LTM Dividend per Share	0.66	0.66	0.66
(+) Excess Retained per Share	1.23	1.40	1.52
(=) Adjusted Dividend	1.89	2.06	2.18
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.88	$85.79	$150.16
Upside / Downside	458.80%	757.85%	1,401.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.57	330.75	352.25	375.15	399.53	425.50	438.27
Payout Ratio	28.04%	40.43%	52.82%	65.21%	77.61%	90.00%	92.50%
Projected Dividends (M)	87.07	133.72	186.06	244.65	310.07	382.95	405.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.46	122.61	123.76
Year 2 PV (M)	153.51	156.43	159.38
Year 3 PV (M)	183.33	188.60	193.96
Year 4 PV (M)	211.05	219.16	227.51
Year 5 PV (M)	236.76	248.19	260.07
PV of Terminal Value (M)	4,134.91	4,334.62	4,541.99
Equity Value (M)	5,041.01	5,269.61	5,506.66
Shares Outstanding (M)	131.71	131.71	131.71
Fair Value	$38.27	$40.01	$41.81
Upside / Downside	282.74%	300.09%	318.09%

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The Law Debenture Corporation p.l.c. (LWDB.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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