DDM Analysis: SBRE.L

Valuation Snapshot

Stable Growth	$1.56 - $2.20	$1.88
Multi-Stage	$2.50 - $2.74	$2.62
Blended Fair Value	$2.25
Current Price	$1.48
Upside	51.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.01%	-10.22%	0.10	0.03	0.12	0.15	0.18	0.17	0.07	0.13	0.22	0.12
YoY Growth	-	-	276.57%	-78.54%	-21.50%	-12.50%	0.57%	143.01%	-43.37%	-43.31%	92.71%	-59.46%
Dividend Yield	-	-	7.05%	1.71%	11.35%	8.33%	6.32%	5.66%	2.63%	4.65%	8.69%	4.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.66
(-) Cash Dividends Paid (M)	40.58
(=) Cash Retained (M)	19.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.93	7.46	4.47
Cash Retained (M)	19.08	19.08	19.08
(-) Cash Required (M)	-11.93	-7.46	-4.47
(=) Excess Retained (M)	7.15	11.62	14.61
(/) Shares Outstanding (M)	250.45	250.45	250.45
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.56	$1.88	$2.20
Upside / Downside	5.16%	26.76%	48.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.66	59.07	58.48	57.89	57.31	56.74	58.44
Payout Ratio	68.02%	72.42%	76.81%	81.21%	85.60%	90.00%	92.50%
Projected Dividends (M)	40.58	42.77	44.92	47.01	49.06	51.07	54.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	38.49	38.88	39.28
Year 2 PV (M)	36.37	37.12	37.87
Year 3 PV (M)	34.26	35.32	36.40
Year 4 PV (M)	32.18	33.51	34.88
Year 5 PV (M)	30.14	31.71	33.34
PV of Terminal Value (M)	455.78	479.51	504.23
Equity Value (M)	627.22	656.06	686.01
Shares Outstanding (M)	250.45	250.45	250.45
Fair Value	$2.50	$2.62	$2.74
Upside / Downside	69.22%	76.99%	85.07%

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Sabre Insurance Group plc (SBRE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener