DDM Analysis: DGE.L

Valuation Snapshot

Stable Growth	$249.00 - $550.94	$516.28
Multi-Stage	$100.64 - $110.17	$105.31
Blended Fair Value	$310.80
Current Price	$18.28
Upside	1,600.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.90%	5.53%	1.03	1.00	0.92	0.93	0.74	0.74	0.73	0.71	0.68	0.65
YoY Growth	-	-	2.50%	8.57%	-0.90%	26.59%	0.00%	1.42%	2.66%	4.36%	4.99%	7.61%
Dividend Yield	-	-	5.62%	4.04%	2.73%	2.64%	2.13%	2.75%	2.15%	2.60%	2.99%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,227.60
(-) Cash Dividends Paid (M)	4,540.00
(=) Cash Retained (M)	1,687.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,245.52	778.45	467.07
Cash Retained (M)	1,687.60	1,687.60	1,687.60
(-) Cash Required (M)	-1,245.52	-778.45	-467.07
(=) Excess Retained (M)	442.08	909.15	1,220.53
(/) Shares Outstanding (M)	2,235.50	2,235.50	2,235.50
(=) Excess Retained per Share	0.20	0.41	0.55
LTM Dividend per Share	2.03	2.03	2.03
(+) Excess Retained per Share	0.20	0.41	0.55
(=) Adjusted Dividend	2.23	2.44	2.58
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	4.90%	5.90%	6.90%
Fair Value	$249.00	$516.28	$550.94
Upside / Downside	1,262.13%	2,724.30%	2,913.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,227.60	6,595.13	6,984.34	7,396.53	7,833.04	8,295.31	8,544.17
Payout Ratio	72.90%	76.32%	79.74%	83.16%	86.58%	90.00%	92.50%
Projected Dividends (M)	4,540.00	5,033.47	5,569.37	6,150.99	6,781.86	7,465.78	7,903.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	4.90%	5.90%	6.90%
Year 1 PV (M)	4,710.80	4,755.71	4,800.62
Year 2 PV (M)	4,878.22	4,971.67	5,066.01
Year 3 PV (M)	5,042.30	5,187.88	5,336.23
Year 4 PV (M)	5,203.08	5,404.33	5,611.37
Year 5 PV (M)	5,360.61	5,621.04	5,891.49
PV of Terminal Value (M)	199,784.30	209,490.05	219,569.41
Equity Value (M)	224,979.31	235,430.68	246,275.12
Shares Outstanding (M)	2,235.50	2,235.50	2,235.50
Fair Value	$100.64	$105.31	$110.17
Upside / Downside	450.54%	476.12%	502.66%

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Diageo plc (DGE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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