DDM Analysis: INCH.L

Valuation Snapshot

Stable Growth	$28.66 - $57.87	$39.97
Multi-Stage	$30.77 - $33.69	$32.20
Blended Fair Value	$36.09
Current Price	$7.26
Upside	397.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.87%	6.08%	0.36	0.31	0.22	0.13	0.00	0.27	0.28	0.25	0.22	0.22
YoY Growth	-	-	14.84%	44.31%	69.92%	0.00%	-100.00%	-4.08%	12.17%	13.86%	-0.99%	11.78%
Dividend Yield	-	-	4.66%	4.37%	2.64%	1.40%	0.00%	3.82%	5.10%	3.16%	3.14%	2.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	683.90
(-) Cash Dividends Paid (M)	253.10
(=) Cash Retained (M)	430.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.78	85.49	51.29
Cash Retained (M)	430.80	430.80	430.80
(-) Cash Required (M)	-136.78	-85.49	-51.29
(=) Excess Retained (M)	294.02	345.31	379.51
(/) Shares Outstanding (M)	409.55	409.55	409.55
(=) Excess Retained per Share	0.72	0.84	0.93
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.72	0.84	0.93
(=) Adjusted Dividend	1.34	1.46	1.54
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	3.10%	4.10%	5.10%
Fair Value	$28.66	$39.97	$57.87
Upside / Downside	294.82%	450.61%	697.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	683.90	711.95	741.16	771.56	803.21	836.16	861.24
Payout Ratio	37.01%	47.61%	58.21%	68.80%	79.40%	90.00%	92.50%
Projected Dividends (M)	253.10	338.94	431.39	530.86	637.76	752.54	796.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	3.10%	4.10%	5.10%
Year 1 PV (M)	311.08	314.10	317.12
Year 2 PV (M)	363.40	370.48	377.64
Year 3 PV (M)	410.44	422.50	434.79
Year 4 PV (M)	452.57	470.39	488.72
Year 5 PV (M)	490.14	514.37	539.56
PV of Terminal Value (M)	10,573.46	11,096.27	11,639.56
Equity Value (M)	12,601.10	13,188.12	13,797.39
Shares Outstanding (M)	409.55	409.55	409.55
Fair Value	$30.77	$32.20	$33.69
Upside / Downside	323.81%	343.55%	364.04%

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Inchcape plc (INCH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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