DDM Analysis: FRAN.L

Valuation Snapshot

Stable Growth	$1.94 - $5.26	$2.98
Multi-Stage	$1.37 - $1.49	$1.43
Blended Fair Value	$2.20
Current Price	$1.50
Upside	46.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	49.55%	0.00%	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	31.39%	44.12%	74.42%	159.88%	-12.84%	40.95%	97.18%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.44%	1.09%	0.61%	0.45%	0.27%	0.24%	0.33%	0.20%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.71
(-) Cash Dividends Paid (M)	8.87
(=) Cash Retained (M)	6.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.14	1.96	1.18
Cash Retained (M)	6.84	6.84	6.84
(-) Cash Required (M)	-3.14	-1.96	-1.18
(=) Excess Retained (M)	3.70	4.88	5.67
(/) Shares Outstanding (M)	193.96	193.96	193.96
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.94	$2.98	$5.26
Upside / Downside	29.07%	98.81%	250.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.71	16.73	17.82	18.98	20.21	21.53	22.17
Payout Ratio	56.44%	63.15%	69.86%	76.58%	83.29%	90.00%	92.50%
Projected Dividends (M)	8.87	10.57	12.45	14.53	16.83	19.37	20.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.60	9.69	9.78
Year 2 PV (M)	10.28	10.47	10.67
Year 3 PV (M)	10.90	11.21	11.53
Year 4 PV (M)	11.47	11.91	12.37
Year 5 PV (M)	11.99	12.57	13.17
PV of Terminal Value (M)	210.52	220.68	231.24
Equity Value (M)	264.76	276.54	288.76
Shares Outstanding (M)	193.96	193.96	193.96
Fair Value	$1.37	$1.43	$1.49
Upside / Downside	-9.00%	-4.95%	-0.75%

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Franchise Brands plc (FRAN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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