DDM Analysis: CER.L

Valuation Snapshot

Stable Growth	$21.58 - $48.40	$31.24
Multi-Stage	$15.57 - $17.00	$16.27
Blended Fair Value	$23.76
Current Price	$15.10
Upside	57.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.62%	0.00%	0.14	0.12	0.10	0.08	0.06	0.05	0.05	0.04	0.04	0.01
YoY Growth	-	-	16.63%	22.48%	28.93%	29.91%	15.84%	9.78%	6.98%	7.50%	207.69%	0.00%
Dividend Yield	-	-	0.92%	0.66%	0.73%	0.74%	0.74%	1.61%	2.62%	2.58%	3.32%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	31.88
(-) Cash Dividends Paid (M)	7.67
(=) Cash Retained (M)	24.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.38	3.98	2.39
Cash Retained (M)	24.21	24.21	24.21
(-) Cash Required (M)	-6.38	-3.98	-2.39
(=) Excess Retained (M)	17.83	20.22	21.82
(/) Shares Outstanding (M)	29.60	29.60	29.60
(=) Excess Retained per Share	0.60	0.68	0.74
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.60	0.68	0.74
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.58	$31.24	$48.40
Upside / Downside	42.89%	106.88%	220.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	31.88	33.95	36.16	38.51	41.01	43.68	44.99
Payout Ratio	24.07%	37.26%	50.44%	63.63%	76.81%	90.00%	92.50%
Projected Dividends (M)	7.67	12.65	18.24	24.50	31.50	39.31	41.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11.42	11.53	11.64
Year 2 PV (M)	14.87	15.15	15.44
Year 3 PV (M)	18.04	18.55	19.08
Year 4 PV (M)	20.94	21.74	22.57
Year 5 PV (M)	23.59	24.73	25.91
PV of Terminal Value (M)	372.05	390.02	408.67
Equity Value (M)	460.90	481.72	503.31
Shares Outstanding (M)	29.60	29.60	29.60
Fair Value	$15.57	$16.27	$17.00
Upside / Downside	3.10%	7.76%	12.59%

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Cerillion Plc (CER.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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