DDM Analysis: ABF.L

Valuation Snapshot

Stable Growth	$54.71 - $106.92	$75.38
Multi-Stage	$51.53 - $56.34	$53.89
Blended Fair Value	$64.63
Current Price	$18.95
Upside	241.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.00%	6.97%	0.67	0.46	0.51	0.07	0.36	0.48	0.44	0.40	0.37	0.36
YoY Growth	-	-	45.51%	-9.21%	675.51%	-81.92%	-24.30%	9.48%	9.36%	7.17%	2.95%	5.86%
Dividend Yield	-	-	2.86%	2.30%	4.01%	0.33%	1.79%	2.10%	1.90%	1.20%	1.22%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,492.00
(-) Cash Dividends Paid (M)	825.00
(=) Cash Retained (M)	1,667.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	498.40	311.50	186.90
Cash Retained (M)	1,667.00	1,667.00	1,667.00
(-) Cash Required (M)	-498.40	-311.50	-186.90
(=) Excess Retained (M)	1,168.60	1,355.50	1,480.10
(/) Shares Outstanding (M)	751.31	751.31	751.31
(=) Excess Retained per Share	1.56	1.80	1.97
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	1.56	1.80	1.97
(=) Adjusted Dividend	2.65	2.90	3.07
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$54.71	$75.38	$106.92
Upside / Downside	188.73%	297.77%	464.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,492.00	2,614.12	2,742.22	2,876.60	3,017.56	3,165.43	3,260.40
Payout Ratio	33.11%	44.48%	55.86%	67.24%	78.62%	90.00%	92.50%
Projected Dividends (M)	825.00	1,162.88	1,531.90	1,934.29	2,372.44	2,848.89	3,015.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	1,057.28	1,067.46	1,077.64
Year 2 PV (M)	1,266.31	1,290.81	1,315.53
Year 3 PV (M)	1,453.75	1,496.13	1,539.32
Year 4 PV (M)	1,621.13	1,684.45	1,749.60
Year 5 PV (M)	1,769.92	1,856.75	1,946.95
PV of Terminal Value (M)	31,546.61	33,094.23	34,702.01
Equity Value (M)	38,715.00	40,489.82	42,331.05
Shares Outstanding (M)	751.31	751.31	751.31
Fair Value	$51.53	$53.89	$56.34
Upside / Downside	171.93%	184.39%	197.32%

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Financial Statements

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Associated British Foods plc (ABF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener