DDM Analysis: CKN.L

Valuation Snapshot

Stable Growth	$106.03 - $245.89	$155.26
Multi-Stage	$77.18 - $84.21	$80.63
Blended Fair Value	$117.95
Current Price	$32.65
Upside	261.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.49%	11.30%	1.02	0.92	0.84	0.79	0.77	0.75	0.73	0.65	0.60	0.59
YoY Growth	-	-	11.31%	9.27%	6.15%	2.95%	3.04%	2.22%	11.94%	8.65%	1.65%	68.52%
Dividend Yield	-	-	2.58%	2.90%	2.60%	2.04%	2.85%	2.47%	3.84%	2.28%	2.76%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	157.50
(-) Cash Dividends Paid (M)	63.50
(=) Cash Retained (M)	94.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.50	19.69	11.81
Cash Retained (M)	94.00	94.00	94.00
(-) Cash Required (M)	-31.50	-19.69	-11.81
(=) Excess Retained (M)	62.50	74.31	82.19
(/) Shares Outstanding (M)	30.84	30.84	30.84
(=) Excess Retained per Share	2.03	2.41	2.66
LTM Dividend per Share	2.06	2.06	2.06
(+) Excess Retained per Share	2.03	2.41	2.66
(=) Adjusted Dividend	4.09	4.47	4.72
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$106.03	$155.26	$245.89
Upside / Downside	224.74%	375.52%	653.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	157.50	167.74	178.64	190.25	202.62	215.79	222.26
Payout Ratio	40.32%	50.25%	60.19%	70.13%	80.06%	90.00%	92.50%
Projected Dividends (M)	63.50	84.29	107.52	133.42	162.22	194.21	205.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	76.21	76.94	77.66
Year 2 PV (M)	87.90	89.57	91.26
Year 3 PV (M)	98.61	101.44	104.32
Year 4 PV (M)	108.40	112.57	116.86
Year 5 PV (M)	117.33	123.00	128.89
PV of Terminal Value (M)	1,891.97	1,983.35	2,078.23
Equity Value (M)	2,380.42	2,486.86	2,597.21
Shares Outstanding (M)	30.84	30.84	30.84
Fair Value	$77.18	$80.63	$84.21
Upside / Downside	136.40%	146.97%	157.93%

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Clarkson PLC (CKN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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