DDM Analysis: JMAT.L

Valuation Snapshot

Stable Growth	$18.49 - $27.49	$22.78
Multi-Stage	$32.52 - $35.65	$34.05
Blended Fair Value	$28.42
Current Price	$20.10
Upside	41.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.74%	0.61%	0.78	0.80	0.80	0.79	0.56	0.95	0.88	0.83	0.79	2.52
YoY Growth	-	-	-2.13%	0.00%	1.44%	40.40%	-40.72%	7.05%	6.85%	5.04%	-68.74%	242.26%
Dividend Yield	-	-	5.91%	4.47%	4.03%	4.20%	1.86%	5.27%	2.76%	2.72%	2.56%	9.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	400.00
(-) Cash Dividends Paid (M)	270.00
(=) Cash Retained (M)	130.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.00	50.00	30.00
Cash Retained (M)	130.00	130.00	130.00
(-) Cash Required (M)	-80.00	-50.00	-30.00
(=) Excess Retained (M)	50.00	80.00	100.00
(/) Shares Outstanding (M)	176.32	176.32	176.32
(=) Excess Retained per Share	0.28	0.45	0.57
LTM Dividend per Share	1.53	1.53	1.53
(+) Excess Retained per Share	0.28	0.45	0.57
(=) Adjusted Dividend	1.81	1.99	2.10
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	-1.39%	-0.39%	0.61%
Fair Value	$18.49	$22.78	$27.49
Upside / Downside	-8.03%	13.32%	36.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	400.00	398.43	396.86	395.30	393.74	392.20	403.96
Payout Ratio	67.50%	72.00%	76.50%	81.00%	85.50%	90.00%	92.50%
Projected Dividends (M)	270.00	286.87	303.60	320.19	336.65	352.98	373.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.29%	8.29%	8.29%
Growth Rate	-1.39%	-0.39%	0.61%
Year 1 PV (M)	262.25	264.91	267.57
Year 2 PV (M)	253.73	258.91	264.13
Year 3 PV (M)	244.64	252.16	259.83
Year 4 PV (M)	235.15	244.83	254.81
Year 5 PV (M)	225.40	237.06	249.20
PV of Terminal Value (M)	4,512.82	4,746.33	4,989.42
Equity Value (M)	5,733.99	6,004.21	6,284.97
Shares Outstanding (M)	176.32	176.32	176.32
Fair Value	$32.52	$34.05	$35.65
Upside / Downside	61.80%	69.42%	77.34%

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Johnson Matthey Plc (JMAT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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