DDM Analysis: MGNS.L

Valuation Snapshot

Stable Growth	$127.02 - $315.12	$190.17
Multi-Stage	$90.55 - $98.81	$94.61
Blended Fair Value	$142.39
Current Price	$45.75
Upside	211.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.73%	17.17%	1.16	1.00	0.90	0.67	0.20	0.51	0.45	0.35	0.27	0.24
YoY Growth	-	-	16.63%	10.57%	34.67%	236.46%	-61.29%	15.35%	27.98%	27.27%	11.86%	2.61%
Dividend Yield	-	-	2.99%	4.51%	5.90%	2.66%	1.30%	3.18%	4.23%	2.44%	3.68%	3.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	276.10
(-) Cash Dividends Paid (M)	115.00
(=) Cash Retained (M)	161.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.22	34.51	20.71
Cash Retained (M)	161.10	161.10	161.10
(-) Cash Required (M)	-55.22	-34.51	-20.71
(=) Excess Retained (M)	105.88	126.59	140.39
(/) Shares Outstanding (M)	48.17	48.17	48.17
(=) Excess Retained per Share	2.20	2.63	2.91
LTM Dividend per Share	2.39	2.39	2.39
(+) Excess Retained per Share	2.20	2.63	2.91
(=) Adjusted Dividend	4.59	5.02	5.30
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$127.02	$190.17	$315.12
Upside / Downside	177.63%	315.67%	588.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	276.10	294.05	313.16	333.51	355.19	378.28	389.63
Payout Ratio	41.65%	51.32%	60.99%	70.66%	80.33%	90.00%	92.50%
Projected Dividends (M)	115.00	150.91	191.00	235.66	285.33	340.45	360.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	136.76	138.06	139.35
Year 2 PV (M)	156.87	159.85	162.87
Year 3 PV (M)	175.40	180.44	185.57
Year 4 PV (M)	192.46	199.86	207.47
Year 5 PV (M)	208.11	218.16	228.60
PV of Terminal Value (M)	3,492.13	3,660.80	3,835.93
Equity Value (M)	4,361.73	4,557.18	4,759.80
Shares Outstanding (M)	48.17	48.17	48.17
Fair Value	$90.55	$94.61	$98.81
Upside / Downside	97.92%	106.79%	115.99%

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Morgan Sindall Group plc (MGNS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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