DDM Analysis: 0RSL.L

Valuation Snapshot

Stable Growth	$111.83 - $267.15	$165.38
Multi-Stage	$79.25 - $86.55	$82.84
Blended Fair Value	$124.11
Current Price	$180.50
Upside	-31.24%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	20.72%	21.19%	0.74	0.58	0.48	0.31	0.37	0.29	0.27	0.25	0.20	0.14
YoY Growth	-	-	26.64%	22.71%	52.80%	-15.24%	27.39%	7.53%	5.35%	28.31%	37.74%	33.08%
Dividend Yield	-	-	0.48%	0.37%	0.13%	0.18%	0.40%	0.49%	0.52%	0.57%	0.63%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.79
(-) Cash Dividends Paid (M)	8.46
(=) Cash Retained (M)	23.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.36	3.97	2.38
Cash Retained (M)	23.33	23.33	23.33
(-) Cash Required (M)	-6.36	-3.97	-2.38
(=) Excess Retained (M)	16.97	19.36	20.95
(/) Shares Outstanding (M)	6.08	6.08	6.08
(=) Excess Retained per Share	2.79	3.18	3.45
LTM Dividend per Share	1.39	1.39	1.39
(+) Excess Retained per Share	2.79	3.18	3.45
(=) Adjusted Dividend	4.18	4.57	4.84
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$111.83	$165.38	$267.15
Upside / Downside	-38.05%	-8.38%	48.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.79	33.85	36.05	38.40	40.89	43.55	44.86
Payout Ratio	26.60%	39.28%	51.96%	64.64%	77.32%	90.00%	92.50%
Projected Dividends (M)	8.46	13.30	18.73	24.82	31.62	39.20	41.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.04	12.15	12.27
Year 2 PV (M)	15.35	15.64	15.94
Year 3 PV (M)	18.40	18.93	19.47
Year 4 PV (M)	21.22	22.04	22.88
Year 5 PV (M)	23.81	24.96	26.15
PV of Terminal Value (M)	391.03	409.91	429.52
Equity Value (M)	481.85	503.64	526.23
Shares Outstanding (M)	6.08	6.08	6.08
Fair Value	$79.25	$82.84	$86.55
Upside / Downside	-56.09%	-54.11%	-52.05%

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Esker S.A. (0RSL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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