DDM Analysis: 0RFL.L

Valuation Snapshot

Stable Growth	$1,145.50 - $2,806.04	$2,629.67
Multi-Stage	$422.86 - $462.02	$442.08
Blended Fair Value	$1,535.87
Current Price	$334.70
Upside	358.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.34%	0.00%	6.24	6.25	5.50	4.50	4.00	4.00	4.00	4.00	0.00	0.00
YoY Growth	-	-	-0.01%	13.63%	22.21%	12.52%	0.02%	0.01%	0.01%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.82%	1.48%	2.17%	0.99%	1.81%	2.44%	4.86%	2.77%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	423.48
(-) Cash Dividends Paid (M)	374.78
(=) Cash Retained (M)	48.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.70	52.93	31.76
Cash Retained (M)	48.70	48.70	48.70
(-) Cash Required (M)	-84.70	-52.93	-31.76
(=) Excess Retained (M)	-36.00	-4.24	16.94
(/) Shares Outstanding (M)	30.01	30.01	30.01
(=) Excess Retained per Share	-1.20	-0.14	0.56
LTM Dividend per Share	12.49	12.49	12.49
(+) Excess Retained per Share	-1.20	-0.14	0.56
(=) Adjusted Dividend	11.29	12.35	13.05
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,145.50	$2,629.67	$2,806.04
Upside / Downside	242.25%	685.68%	738.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	423.48	451.00	480.32	511.54	544.79	580.20	597.60
Payout Ratio	88.50%	88.80%	89.10%	89.40%	89.70%	90.00%	92.50%
Projected Dividends (M)	374.78	400.49	427.96	457.32	488.68	522.18	552.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	372.38	375.91	379.44
Year 2 PV (M)	369.99	377.04	384.15
Year 3 PV (M)	367.61	378.17	388.92
Year 4 PV (M)	365.25	379.29	393.74
Year 5 PV (M)	362.89	380.42	398.62
PV of Terminal Value (M)	10,853.33	11,377.55	11,921.84
Equity Value (M)	12,691.46	13,268.38	13,866.71
Shares Outstanding (M)	30.01	30.01	30.01
Fair Value	$422.86	$442.08	$462.02
Upside / Downside	26.34%	32.08%	38.04%

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VAT Group AG (0RFL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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