DDM Analysis: DIVI.L

Valuation Snapshot

Stable Growth	$1.95 - $2.75	$2.35
Multi-Stage	$2.93 - $3.21	$3.07
Blended Fair Value	$2.71
Current Price	$1.03
Upside	162.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.23%	0.00%	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.00
YoY Growth	-	-	-23.10%	-7.14%	3.58%	3.74%	-10.43%	3.34%	5.13%	22.42%	0.00%	0.00%
Dividend Yield	-	-	2.68%	4.01%	4.63%	3.62%	3.02%	4.63%	4.36%	3.45%	2.96%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.83
(-) Cash Dividends Paid (M)	28.04
(=) Cash Retained (M)	81.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.97	13.73	8.24
Cash Retained (M)	81.80	81.80	81.80
(-) Cash Required (M)	-21.97	-13.73	-8.24
(=) Excess Retained (M)	59.83	68.07	73.56
(/) Shares Outstanding (M)	368.79	368.79	368.79
(=) Excess Retained per Share	0.16	0.18	0.20
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.16	0.18	0.20
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.95	$2.35	$2.75
Upside / Downside	88.91%	127.70%	167.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.83	108.74	107.65	106.57	105.51	104.45	107.58
Payout Ratio	25.53%	38.42%	51.32%	64.21%	77.11%	90.00%	92.50%
Projected Dividends (M)	28.04	41.78	55.24	68.43	81.35	94.01	99.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	37.60	37.98	38.36
Year 2 PV (M)	44.74	45.65	46.58
Year 3 PV (M)	49.87	51.41	52.99
Year 4 PV (M)	53.35	55.56	57.84
Year 5 PV (M)	55.48	58.37	61.38
PV of Terminal Value (M)	839.04	882.73	928.23
Equity Value (M)	1,080.08	1,131.72	1,185.38
Shares Outstanding (M)	368.79	368.79	368.79
Fair Value	$2.93	$3.07	$3.21
Upside / Downside	184.34%	197.94%	212.06%

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The Diverse Income Trust plc (DIVI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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