DDM Analysis: ULTP.L

Valuation Snapshot

Stable Growth	$1.79 - $2.78	$2.25
Multi-Stage	$2.68 - $2.93	$2.80
Blended Fair Value	$2.52
Current Price	$1.01
Upside	149.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	19.03%	0.00%	0.06	0.07	0.07	0.06	0.05	0.03	0.03	0.04	0.04	0.00
YoY Growth	-	-	-14.01%	2.49%	29.50%	9.55%	91.11%	-4.98%	-31.68%	-5.98%	0.00%	0.00%
Dividend Yield	-	-	0.00%	5.26%	5.75%	5.05%	2.51%	3.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.33
(-) Cash Dividends Paid (M)	11.92
(=) Cash Retained (M)	4.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.27	2.04	1.23
Cash Retained (M)	4.41	4.41	4.41
(-) Cash Required (M)	-3.27	-2.04	-1.23
(=) Excess Retained (M)	1.14	2.37	3.18
(/) Shares Outstanding (M)	87.02	87.02	87.02
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	0.40%	1.40%	2.40%
Fair Value	$1.79	$2.25	$2.78
Upside / Downside	77.58%	122.65%	174.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.33	16.56	16.79	17.03	17.27	17.51	18.03
Payout Ratio	73.00%	76.40%	79.80%	83.20%	86.60%	90.00%	92.50%
Projected Dividends (M)	11.92	12.65	13.40	14.17	14.95	15.76	16.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	0.40%	1.40%	2.40%
Year 1 PV (M)	11.52	11.63	11.74
Year 2 PV (M)	11.10	11.32	11.54
Year 3 PV (M)	10.68	11.00	11.33
Year 4 PV (M)	10.25	10.67	11.10
Year 5 PV (M)	9.83	10.33	10.85
PV of Terminal Value (M)	179.45	188.57	198.05
Equity Value (M)	232.83	243.52	254.62
Shares Outstanding (M)	87.02	87.02	87.02
Fair Value	$2.68	$2.80	$2.93
Upside / Downside	164.93%	177.09%	189.72%

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Ultimate Products Plc (ULTP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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