DDM Analysis: WTB.L

Valuation Snapshot

Stable Growth	$43.09 - $84.11	$59.34
Multi-Stage	$72.30 - $79.34	$75.75
Blended Fair Value	$67.55
Current Price	$26.74
Upside	152.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.18%	3.15%	0.98	0.90	0.65	0.00	0.00	0.88	1.03	0.98	0.92	0.85
YoY Growth	-	-	8.14%	38.29%	0.00%	0.00%	-100.00%	-14.67%	5.52%	6.28%	7.74%	18.76%
Dividend Yield	-	-	3.66%	2.61%	2.13%	0.00%	0.00%	2.63%	2.47%	2.92%	2.79%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	489.50
(-) Cash Dividends Paid (M)	350.00
(=) Cash Retained (M)	139.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.90	61.19	36.71
Cash Retained (M)	139.50	139.50	139.50
(-) Cash Required (M)	-97.90	-61.19	-36.71
(=) Excess Retained (M)	41.60	78.31	102.79
(/) Shares Outstanding (M)	182.03	182.03	182.03
(=) Excess Retained per Share	0.23	0.43	0.56
LTM Dividend per Share	1.92	1.92	1.92
(+) Excess Retained per Share	0.23	0.43	0.56
(=) Adjusted Dividend	2.15	2.35	2.49
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	1.15%	2.15%	3.15%
Fair Value	$43.09	$59.34	$84.11
Upside / Downside	61.13%	121.91%	214.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	489.50	500.03	510.78	521.77	532.99	544.45	560.78
Payout Ratio	71.50%	75.20%	78.90%	82.60%	86.30%	90.00%	92.50%
Projected Dividends (M)	350.00	376.03	403.01	430.98	459.97	490.01	518.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	1.15%	2.15%	3.15%
Year 1 PV (M)	350.60	354.07	357.54
Year 2 PV (M)	350.36	357.32	364.35
Year 3 PV (M)	349.34	359.81	370.48
Year 4 PV (M)	347.63	361.58	375.95
Year 5 PV (M)	345.29	362.70	380.81
PV of Terminal Value (M)	11,418.03	11,993.71	12,592.38
Equity Value (M)	13,161.26	13,789.20	14,441.50
Shares Outstanding (M)	182.03	182.03	182.03
Fair Value	$72.30	$75.75	$79.34
Upside / Downside	170.40%	183.30%	196.70%

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Whitbread plc (WTB.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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