DDM Analysis: ZTF.L

Valuation Snapshot

Stable Growth	$3.24 - $6.01	$4.37
Multi-Stage	$3.47 - $3.79	$3.62
Blended Fair Value	$4.00
Current Price	$3.21
Upside	24.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.56%	5.31%	0.07	0.07	0.06	0.06	0.02	0.06	0.05	0.05	0.05	0.05
YoY Growth	-	-	5.73%	5.08%	3.71%	214.64%	-67.14%	9.83%	6.28%	2.95%	3.08%	13.64%
Dividend Yield	-	-	2.26%	1.93%	1.89%	1.54%	0.52%	1.34%	0.77%	1.13%	1.99%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.65
(-) Cash Dividends Paid (M)	7.14
(=) Cash Retained (M)	3.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.13	1.33	0.80
Cash Retained (M)	3.51	3.51	3.51
(-) Cash Required (M)	-2.13	-1.33	-0.80
(=) Excess Retained (M)	1.38	2.18	2.71
(/) Shares Outstanding (M)	49.71	49.71	49.71
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$3.24	$4.37	$6.01
Upside / Downside	0.79%	36.21%	87.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.65	11.10	11.58	12.08	12.60	13.14	13.54
Payout Ratio	67.07%	71.65%	76.24%	80.83%	85.41%	90.00%	92.50%
Projected Dividends (M)	7.14	7.96	8.83	9.77	10.76	11.83	12.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	7.24	7.31	7.38
Year 2 PV (M)	7.32	7.46	7.61
Year 3 PV (M)	7.37	7.59	7.81
Year 4 PV (M)	7.40	7.69	7.99
Year 5 PV (M)	7.40	7.77	8.15
PV of Terminal Value (M)	135.64	142.33	149.29
Equity Value (M)	172.37	180.15	188.22
Shares Outstanding (M)	49.71	49.71	49.71
Fair Value	$3.47	$3.62	$3.79
Upside / Downside	8.03%	12.91%	17.96%

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Zotefoams plc (ZTF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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