DDM Analysis: AAF.L

Valuation Snapshot

Stable Growth	$1.91 - $4.47	$2.81
Multi-Stage	$1.57 - $1.71	$1.64
Blended Fair Value	$2.22
Current Price	$2.48
Upside	-10.33%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPS	15.17%	0.00%	0.06	0.06	0.05	0.05	0.05	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	8.02%	8.72%	15.38%	0.00%	49.56%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.51%	3.84%	3.86%	2.78%	4.29%	3.96%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	339.00
(-) Cash Dividends Paid (M)	229.00
(=) Cash Retained (M)	110.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.80	42.38	25.43
Cash Retained (M)	110.00	110.00	110.00
(-) Cash Required (M)	-67.80	-42.38	-25.43
(=) Excess Retained (M)	42.20	67.63	84.58
(/) Shares Outstanding (M)	3,684.28	3,684.28	3,684.28
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	4.82%	5.82%	6.82%
Fair Value	$1.91	$2.81	$4.47
Upside / Downside	-22.89%	13.19%	80.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	339.00	358.75	379.64	401.76	425.16	449.92	463.42
Payout Ratio	67.55%	72.04%	76.53%	81.02%	85.51%	90.00%	92.50%
Projected Dividends (M)	229.00	258.45	290.54	325.50	363.55	404.93	428.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	4.82%	5.82%	6.82%
Year 1 PV (M)	235.17	237.41	239.65
Year 2 PV (M)	240.56	245.18	249.83
Year 3 PV (M)	245.24	252.32	259.54
Year 4 PV (M)	249.23	258.88	268.80
Year 5 PV (M)	252.59	264.87	277.63
PV of Terminal Value (M)	4,563.26	4,785.12	5,015.52
Equity Value (M)	5,786.06	6,043.78	6,310.98
Shares Outstanding (M)	3,684.28	3,684.28	3,684.28
Fair Value	$1.57	$1.64	$1.71
Upside / Downside	-36.67%	-33.85%	-30.93%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
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JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Airtel Africa Plc (AAF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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