DDM Analysis: VCAP.L

Valuation Snapshot

Stable Growth	$0.49 - $0.71	$0.60
Multi-Stage	$0.85 - $0.93	$0.89
Blended Fair Value	$0.74
Current Price	$0.30
Upside	147.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.03	0.03	0.02	0.01	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.79%	10.18%	157.75%	-42.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.67%	5.84%	5.24%	2.24%	3.91%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.13
(-) Cash Dividends Paid (M)	2.29
(=) Cash Retained (M)	0.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.63	0.39	0.23
Cash Retained (M)	0.84	0.84	0.84
(-) Cash Required (M)	-0.63	-0.39	-0.23
(=) Excess Retained (M)	0.21	0.44	0.60
(/) Shares Outstanding (M)	45.24	45.24	45.24
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.06	0.06	0.06
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.49	$0.60	$0.71
Upside / Downside	63.37%	98.47%	135.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.13	3.09	3.06	3.03	3.00	2.97	3.06
Payout Ratio	73.28%	76.62%	79.97%	83.31%	86.66%	90.00%	92.50%
Projected Dividends (M)	2.29	2.37	2.45	2.53	2.60	2.67	2.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.15	2.17	2.20
Year 2 PV (M)	2.02	2.06	2.10
Year 3 PV (M)	1.89	1.95	2.01
Year 4 PV (M)	1.77	1.84	1.91
Year 5 PV (M)	1.65	1.73	1.82
PV of Terminal Value (M)	28.85	30.36	31.92
Equity Value (M)	38.33	40.11	41.96
Shares Outstanding (M)	45.24	45.24	45.24
Fair Value	$0.85	$0.89	$0.93
Upside / Downside	182.38%	195.52%	209.17%

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Vector Capital Plc (VCAP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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