DDM Analysis: SEPL.L

Valuation Snapshot

Stable Growth	$3.55 - $6.63	$4.81
Multi-Stage	$4.29 - $4.71	$4.50
Blended Fair Value	$4.65
Current Price	$3.21
Upside	45.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.25%	2.24%	0.16	0.17	0.10	0.12	0.10	0.10	0.10	0.00	0.04	0.12
YoY Growth	-	-	-7.54%	67.92%	-19.78%	25.73%	-0.62%	-0.31%	0.00%	-100.00%	-68.63%	-1.86%
Dividend Yield	-	-	6.93%	9.28%	7.75%	8.72%	9.01%	13.98%	6.29%	0.00%	4.07%	8.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.73
(-) Cash Dividends Paid (M)	38.40
(=) Cash Retained (M)	100.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.75	17.34	10.40
Cash Retained (M)	100.33	100.33	100.33
(-) Cash Required (M)	-27.75	-17.34	-10.40
(=) Excess Retained (M)	72.58	82.99	89.92
(/) Shares Outstanding (M)	588.45	588.45	588.45
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	2.32%	3.32%	4.32%
Fair Value	$3.55	$4.81	$6.63
Upside / Downside	10.74%	49.92%	106.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.73	143.34	148.10	153.03	158.12	163.37	168.27
Payout Ratio	27.68%	40.14%	52.61%	65.07%	77.54%	90.00%	92.50%
Projected Dividends (M)	38.40	57.54	77.92	99.58	122.60	147.03	155.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	2.32%	3.32%	4.32%
Year 1 PV (M)	52.89	53.40	53.92
Year 2 PV (M)	65.81	67.11	68.41
Year 3 PV (M)	77.30	79.59	81.93
Year 4 PV (M)	87.47	90.94	94.51
Year 5 PV (M)	96.42	101.22	106.21
PV of Terminal Value (M)	2,147.19	2,254.18	2,365.40
Equity Value (M)	2,527.08	2,646.44	2,770.38
Shares Outstanding (M)	588.45	588.45	588.45
Fair Value	$4.29	$4.50	$4.71
Upside / Downside	33.79%	40.10%	46.67%

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Seplat Energy Plc (SEPL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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