DDM Analysis: PHI.L

Valuation Snapshot

Stable Growth	$5.26 - $7.49	$6.36
Multi-Stage	$7.88 - $8.67	$8.27
Blended Fair Value	$7.31
Current Price	$6.48
Upside	12.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	9.34%	0.03	0.03	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-18.82%	7.61%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-9.91%	-77.39%
Dividend Yield	-	-	0.41%	0.54%	0.52%	0.00%	0.02%	0.00%	0.00%	0.00%	0.08%	0.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70.47
(-) Cash Dividends Paid (M)	5.35
(=) Cash Retained (M)	65.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.09	8.81	5.28
Cash Retained (M)	65.11	65.11	65.11
(-) Cash Required (M)	-14.09	-8.81	-5.28
(=) Excess Retained (M)	51.02	56.30	59.83
(/) Shares Outstanding (M)	90.06	90.06	90.06
(=) Excess Retained per Share	0.57	0.63	0.66
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.57	0.63	0.66
(=) Adjusted Dividend	0.63	0.68	0.72
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.26	$6.36	$7.49
Upside / Downside	-18.84%	-1.92%	15.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70.47	69.76	69.06	68.37	67.69	67.01	69.02
Payout Ratio	7.60%	24.08%	40.56%	57.04%	73.52%	90.00%	92.50%
Projected Dividends (M)	5.35	16.80	28.01	39.00	49.76	60.31	63.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	15.16	15.32	15.47
Year 2 PV (M)	22.82	23.29	23.76
Year 3 PV (M)	28.68	29.57	30.47
Year 4 PV (M)	33.04	34.41	35.82
Year 5 PV (M)	36.14	38.02	39.98
PV of Terminal Value (M)	574.13	604.02	635.15
Equity Value (M)	709.97	744.63	780.66
Shares Outstanding (M)	90.06	90.06	90.06
Fair Value	$7.88	$8.27	$8.67
Upside / Downside	21.66%	27.60%	33.78%

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Pacific Horizon Investment Trust PLC (PHI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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