DDM Analysis: SAIN.L

Valuation Snapshot

Stable Growth	$9.30 - $18.18	$12.81
Multi-Stage	$8.28 - $9.04	$8.65
Blended Fair Value	$10.73
Current Price	$5.09
Upside	110.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.72%	6.42%	0.15	0.14	0.14	0.12	0.10	0.10	0.09	0.08	0.08	0.08
YoY Growth	-	-	4.04%	4.19%	13.28%	13.99%	8.53%	7.88%	6.67%	2.65%	1.75%	2.05%
Dividend Yield	-	-	2.93%	2.63%	2.66%	2.20%	2.25%	2.26%	2.55%	2.28%	2.52%	3.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	98.78
(-) Cash Dividends Paid (M)	45.56
(=) Cash Retained (M)	53.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.76	12.35	7.41
Cash Retained (M)	53.23	53.23	53.23
(-) Cash Required (M)	-19.76	-12.35	-7.41
(=) Excess Retained (M)	33.47	40.88	45.82
(/) Shares Outstanding (M)	176.40	176.40	176.40
(=) Excess Retained per Share	0.19	0.23	0.26
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.19	0.23	0.26
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	4.42%	5.42%	6.42%
Fair Value	$9.30	$12.81	$18.18
Upside / Downside	82.63%	151.67%	257.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	98.78	104.14	109.78	115.73	122.01	128.62	132.48
Payout Ratio	46.12%	54.89%	63.67%	72.45%	81.22%	90.00%	92.50%
Projected Dividends (M)	45.56	57.16	69.90	83.84	99.10	115.76	122.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	4.42%	5.42%	6.42%
Year 1 PV (M)	51.73	52.23	52.72
Year 2 PV (M)	57.24	58.35	59.46
Year 3 PV (M)	62.14	63.94	65.78
Year 4 PV (M)	66.47	69.05	71.71
Year 5 PV (M)	70.26	73.69	77.25
PV of Terminal Value (M)	1,152.68	1,208.94	1,267.38
Equity Value (M)	1,460.52	1,526.20	1,594.30
Shares Outstanding (M)	176.40	176.40	176.40
Fair Value	$8.28	$8.65	$9.04
Upside / Downside	62.67%	69.98%	77.57%

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The Scottish American Investment Company PLC (SAIN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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