DDM Analysis: RCDO.L

Valuation Snapshot

Stable Growth	$3.92 - $5.80	$4.82
Multi-Stage	$7.00 - $7.69	$7.34
Blended Fair Value	$6.08
Current Price	$4.20
Upside	44.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.89%	0.26%	0.12	0.11	0.08	0.02	0.19	0.18	0.17	0.16	0.14	0.13
YoY Growth	-	-	14.93%	34.00%	257.14%	-87.93%	5.45%	4.76%	7.14%	10.11%	9.88%	8.00%
Dividend Yield	-	-	2.53%	1.87%	2.21%	0.55%	4.43%	2.39%	1.75%	2.02%	1.93%	1.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.80
(-) Cash Dividends Paid (M)	15.20
(=) Cash Retained (M)	15.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.16	3.85	2.31
Cash Retained (M)	15.60	15.60	15.60
(-) Cash Required (M)	-6.16	-3.85	-2.31
(=) Excess Retained (M)	9.44	11.75	13.29
(/) Shares Outstanding (M)	62.50	62.50	62.50
(=) Excess Retained per Share	0.15	0.19	0.21
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.15	0.19	0.21
(=) Adjusted Dividend	0.39	0.43	0.46
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-1.74%	-0.74%	0.26%
Fair Value	$3.92	$4.82	$5.80
Upside / Downside	-6.64%	14.76%	38.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.80	30.57	30.35	30.12	29.90	29.68	30.57
Payout Ratio	49.35%	57.48%	65.61%	73.74%	81.87%	90.00%	92.50%
Projected Dividends (M)	15.20	17.57	19.91	22.21	24.48	26.71	28.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-1.74%	-0.74%	0.26%
Year 1 PV (M)	16.09	16.25	16.41
Year 2 PV (M)	16.68	17.03	17.37
Year 3 PV (M)	17.04	17.56	18.10
Year 4 PV (M)	17.19	17.90	18.63
Year 5 PV (M)	17.17	18.06	18.99
PV of Terminal Value (M)	353.43	371.78	390.89
Equity Value (M)	437.59	458.58	480.39
Shares Outstanding (M)	62.50	62.50	62.50
Fair Value	$7.00	$7.34	$7.69
Upside / Downside	66.69%	74.68%	82.99%

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Ricardo plc (RCDO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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