DDM Analysis: EQLS.L

Valuation Snapshot

Stable Growth	$0.51 - $0.73	$0.62
Multi-Stage	$0.80 - $0.87	$0.83
Blended Fair Value	$0.73
Current Price	$1.35
Upside	-46.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	305.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.42%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.15
(-) Cash Dividends Paid (M)	4.69
(=) Cash Retained (M)	10.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.03	1.89	1.14
Cash Retained (M)	10.46	10.46	10.46
(-) Cash Required (M)	-3.03	-1.89	-1.14
(=) Excess Retained (M)	7.43	8.57	9.33
(/) Shares Outstanding (M)	196.67	196.67	196.67
(=) Excess Retained per Share	0.04	0.04	0.05
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.04	0.04	0.05
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.51	$0.62	$0.73
Upside / Downside	-61.86%	-53.93%	-45.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.15	15.00	14.85	14.70	14.55	14.41	14.84
Payout Ratio	30.95%	42.76%	54.57%	66.38%	78.19%	90.00%	92.50%
Projected Dividends (M)	4.69	6.41	8.10	9.76	11.38	12.97	13.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	5.79	5.84	5.90
Year 2 PV (M)	6.59	6.73	6.87
Year 3 PV (M)	7.16	7.39	7.61
Year 4 PV (M)	7.54	7.85	8.17
Year 5 PV (M)	7.75	8.15	8.57
PV of Terminal Value (M)	121.88	128.22	134.83
Equity Value (M)	156.71	164.19	171.96
Shares Outstanding (M)	196.67	196.67	196.67
Fair Value	$0.80	$0.83	$0.87
Upside / Downside	-40.98%	-38.16%	-35.23%

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Equals Group plc (EQLS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener