DDM Analysis: DSW.L

Valuation Snapshot

Stable Growth	$0.41 - $0.59	$0.50
Multi-Stage	$0.72 - $0.79	$0.76
Blended Fair Value	$0.63
Current Price	$0.51
Upside	23.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	-14.73%	0.00%	0.02	0.03	0.05	0.02	0.02	0.04	0.03	0.00	0.00	0.00
YoY Growth	-	-	-40.76%	-45.52%	231.84%	0.00%	-57.92%	18.82%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.41%	5.87%	7.33%	1.50%	1.41%	3.35%	2.82%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1.31
(-) Cash Dividends Paid (M)	0.94
(=) Cash Retained (M)	0.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.26	0.16	0.10
Cash Retained (M)	0.37	0.37	0.37
(-) Cash Required (M)	-0.26	-0.16	-0.10
(=) Excess Retained (M)	0.11	0.21	0.28
(/) Shares Outstanding (M)	23.41	23.41	23.41
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.41	$0.50	$0.59
Upside / Downside	-19.76%	-2.23%	16.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1.31	1.30	1.28	1.27	1.26	1.25	1.28
Payout Ratio	71.47%	75.18%	78.88%	82.59%	86.29%	90.00%	92.50%
Projected Dividends (M)	0.94	0.98	1.01	1.05	1.09	1.12	1.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.89	0.90	0.91
Year 2 PV (M)	0.84	0.86	0.87
Year 3 PV (M)	0.79	0.82	0.84
Year 4 PV (M)	0.75	0.78	0.81
Year 5 PV (M)	0.70	0.74	0.78
PV of Terminal Value (M)	12.98	13.65	14.35
Equity Value (M)	16.95	17.74	18.56
Shares Outstanding (M)	23.41	23.41	23.41
Fair Value	$0.72	$0.76	$0.79
Upside / Downside	41.90%	48.55%	55.46%

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DSW Capital plc (DSW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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