DDM Analysis: BIPS.L

Valuation Snapshot

Stable Growth	$7.29 - $18.13	$10.93
Multi-Stage	$5.32 - $5.80	$5.56
Blended Fair Value	$8.24
Current Price	$1.73
Upside	376.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.78%	11.19%	0.11	0.10	0.10	0.07	0.05	0.05	0.05	0.05	0.05	0.04
YoY Growth	-	-	8.95%	8.52%	30.61%	41.59%	3.66%	1.82%	2.87%	5.51%	6.46%	8.28%
Dividend Yield	-	-	6.56%	6.13%	5.82%	3.95%	2.75%	2.56%	2.83%	2.43%	2.39%	2.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.80
(-) Cash Dividends Paid (M)	39.80
(=) Cash Retained (M)	24.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.76	7.98	4.79
Cash Retained (M)	24.00	24.00	24.00
(-) Cash Required (M)	-12.76	-7.98	-4.79
(=) Excess Retained (M)	11.24	16.02	19.21
(/) Shares Outstanding (M)	194.22	194.22	194.22
(=) Excess Retained per Share	0.06	0.08	0.10
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.06	0.08	0.10
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.29	$10.93	$18.13
Upside / Downside	321.56%	531.59%	948.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.80	67.95	72.36	77.07	82.08	87.41	90.04
Payout Ratio	62.38%	67.91%	73.43%	78.95%	84.48%	90.00%	92.50%
Projected Dividends (M)	39.80	46.14	53.14	60.85	69.34	78.67	83.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.30%	9.30%	9.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.82	42.22	42.61
Year 2 PV (M)	43.65	44.48	45.32
Year 3 PV (M)	45.30	46.60	47.92
Year 4 PV (M)	46.78	48.58	50.43
Year 5 PV (M)	48.11	50.43	52.84
PV of Terminal Value (M)	808.14	847.17	887.70
Equity Value (M)	1,033.79	1,079.47	1,126.82
Shares Outstanding (M)	194.22	194.22	194.22
Fair Value	$5.32	$5.56	$5.80
Upside / Downside	207.67%	221.27%	235.36%

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Invesco Bond Income Plus Limited (BIPS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener