DDM Analysis: TYMN.L

Valuation Snapshot

Stable Growth	$5.22 - $8.71	$6.76
Multi-Stage	$7.04 - $7.70	$7.37
Blended Fair Value	$7.06
Current Price	$3.18
Upside	122.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	3.53%	14.22%	0.14	0.13	0.08	0.00	0.12	0.11	0.10	0.08	0.07	0.06
YoY Growth	-	-	4.72%	62.82%	0.00%	-100.00%	5.54%	14.69%	25.16%	6.96%	33.31%	55.22%
Dividend Yield	-	-	4.27%	5.74%	1.99%	0.00%	4.43%	4.86%	2.72%	2.88%	2.46%	1.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.00
(-) Cash Dividends Paid (M)	52.00
(=) Cash Retained (M)	34.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.20	10.75	6.45
Cash Retained (M)	34.00	34.00	34.00
(-) Cash Required (M)	-17.20	-10.75	-6.45
(=) Excess Retained (M)	16.80	23.25	27.55
(/) Shares Outstanding (M)	195.75	195.75	195.75
(=) Excess Retained per Share	0.09	0.12	0.14
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.09	0.12	0.14
(=) Adjusted Dividend	0.35	0.38	0.41
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	1.53%	2.53%	3.53%
Fair Value	$5.22	$6.76	$8.71
Upside / Downside	64.29%	112.58%	173.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.00	88.18	90.41	92.70	95.05	97.45	100.38
Payout Ratio	60.47%	66.37%	72.28%	78.19%	84.09%	90.00%	92.50%
Projected Dividends (M)	52.00	58.53	65.35	72.48	79.93	87.71	92.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	1.53%	2.53%	3.53%
Year 1 PV (M)	53.48	54.01	54.54
Year 2 PV (M)	54.57	55.65	56.74
Year 3 PV (M)	55.31	56.96	58.64
Year 4 PV (M)	55.74	57.97	60.26
Year 5 PV (M)	55.89	58.70	61.62
PV of Terminal Value (M)	1,103.39	1,158.81	1,216.43
Equity Value (M)	1,378.38	1,442.10	1,508.23
Shares Outstanding (M)	195.75	195.75	195.75
Fair Value	$7.04	$7.37	$7.70
Upside / Downside	121.43%	131.67%	142.29%

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Tyman plc (TYMN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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