DDM Analysis: IBT.L

Valuation Snapshot

Stable Growth	$6.98 - $9.98	$8.45
Multi-Stage	$11.45 - $12.54	$11.98
Blended Fair Value	$10.22
Current Price	$6.74
Upside	51.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.29	0.31	0.35	0.31	0.26	0.29	0.27	0.23	0.00
YoY Growth	-	-	-100.00%	-5.60%	-11.43%	11.37%	21.13%	-10.07%	4.71%	17.39%	0.00%	0.00%
Dividend Yield	-	-	0.00%	4.29%	4.80%	5.36%	4.30%	3.55%	4.53%	4.04%	3.75%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.71
(-) Cash Dividends Paid (M)	21.79
(=) Cash Retained (M)	15.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.54	4.71	2.83
Cash Retained (M)	15.92	15.92	15.92
(-) Cash Required (M)	-7.54	-4.71	-2.83
(=) Excess Retained (M)	8.38	11.21	13.09
(/) Shares Outstanding (M)	36.87	36.87	36.87
(=) Excess Retained per Share	0.23	0.30	0.36
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.23	0.30	0.36
(=) Adjusted Dividend	0.82	0.89	0.95
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.98	$8.45	$9.98
Upside / Downside	3.59%	25.38%	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)	37.71	37.33	36.96	36.59	36.22	35.86	36.93
Payout Ratio	57.78%	64.22%	70.67%	77.11%	83.56%	90.00%	92.50%
Projected Dividends (M)	21.79	23.97	26.11	28.21	30.26	32.27	34.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	21.68	21.90	22.12
Year 2 PV (M)	21.35	21.79	22.23
Year 3 PV (M)	20.85	21.50	22.16
Year 4 PV (M)	20.23	21.07	21.93
Year 5 PV (M)	19.50	20.52	21.57
PV of Terminal Value (M)	318.52	335.11	352.38
Equity Value (M)	422.13	441.88	462.39
Shares Outstanding (M)	36.87	36.87	36.87
Fair Value	$11.45	$11.98	$12.54
Upside / Downside	69.85%	77.79%	86.04%

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International Biotechnology Trust plc (IBT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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