DDM Analysis: PRV.L

Valuation Snapshot

Stable Growth	$10.88 - $20.38	$14.75
Multi-Stage	$9.51 - $10.40	$9.94
Blended Fair Value	$12.35
Current Price	$8.14
Upside	51.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.55%	7.81%	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.04	0.03
YoY Growth	-	-	5.52%	7.51%	5.67%	4.08%	4.99%	9.66%	10.63%	8.86%	9.87%	11.62%
Dividend Yield	-	-	0.93%	0.99%	0.99%	0.74%	0.91%	0.77%	1.00%	0.83%	0.84%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.37
(-) Cash Dividends Paid (M)	5.48
(=) Cash Retained (M)	26.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.47	4.05	2.43
Cash Retained (M)	26.89	26.89	26.89
(-) Cash Required (M)	-6.47	-4.05	-2.43
(=) Excess Retained (M)	20.42	22.85	24.46
(/) Shares Outstanding (M)	46.02	46.02	46.02
(=) Excess Retained per Share	0.44	0.50	0.53
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.44	0.50	0.53
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	4.36%	5.36%	6.36%
Fair Value	$10.88	$14.75	$20.38
Upside / Downside	33.68%	81.19%	150.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.37	34.10	35.93	37.85	39.88	42.02	43.28
Payout Ratio	16.92%	31.53%	46.15%	60.77%	75.38%	90.00%	92.50%
Projected Dividends (M)	5.48	10.75	16.58	23.00	30.06	37.82	40.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	4.36%	5.36%	6.36%
Year 1 PV (M)	9.70	9.80	9.89
Year 2 PV (M)	13.50	13.76	14.03
Year 3 PV (M)	16.91	17.40	17.90
Year 4 PV (M)	19.94	20.72	21.52
Year 5 PV (M)	22.64	23.75	24.89
PV of Terminal Value (M)	354.89	372.22	390.23
Equity Value (M)	437.59	457.65	478.45
Shares Outstanding (M)	46.02	46.02	46.02
Fair Value	$9.51	$9.94	$10.40
Upside / Downside	16.80%	22.16%	27.71%

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Porvair plc (PRV.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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