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Definitive Analysis

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Rights and Issues Investment Trust Public Limited Company (RIII.L)

Company Dividend Discount ModelIndustry: Asset ManagementSector: Financial Services

Valuation Snapshot

Stable Growth$19.62 - $27.54$23.55
Multi-Stage$30.27 - $33.23$31.72
Blended Fair Value$27.64
Current Price$21.85
Upside26.48%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.44%-0.55%0.450.470.480.470.470.480.490.510.480.45
YoY Growth---4.79%-2.79%3.46%-0.12%-2.76%-1.42%-4.08%6.61%6.21%-4.96%
Dividend Yield--1.88%2.21%2.56%1.71%2.23%2.17%2.48%2.41%2.68%3.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)16.38
(-) Cash Dividends Paid (M)4.20
(=) Cash Retained (M)12.19
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)3.282.051.23
Cash Retained (M)12.1912.1912.19
(-) Cash Required (M)-3.28-2.05-1.23
(=) Excess Retained (M)8.9110.1410.96
(/) Shares Outstanding (M)5.195.195.19
(=) Excess Retained per Share1.721.952.11
LTM Dividend per Share0.810.810.81
(+) Excess Retained per Share1.721.952.11
(=) Adjusted Dividend2.532.762.92
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.55%-1.55%-0.55%
Fair Value$19.62$23.55$27.54
Upside / Downside-10.22%7.79%26.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)16.3816.1315.8815.6315.3915.1515.60
Payout Ratio25.62%38.49%51.37%64.25%77.12%90.00%92.50%
Projected Dividends (M)4.206.218.1610.0411.8713.6314.43

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate10.00%10.00%10.00%
Growth Rate-2.55%-1.55%-0.55%
Year 1 PV (M)5.595.645.70
Year 2 PV (M)6.606.746.88
Year 3 PV (M)7.327.547.78
Year 4 PV (M)7.788.118.44
Year 5 PV (M)8.048.478.90
PV of Terminal Value (M)121.66128.03134.67
Equity Value (M)157.00164.54172.37
Shares Outstanding (M)5.195.195.19
Fair Value$30.27$31.72$33.23
Upside / Downside38.52%45.17%52.09%

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