DDM Analysis: ICGT.L

Valuation Snapshot

Stable Growth	$37.30 - $83.45	$53.95
Multi-Stage	$28.89 - $31.55	$30.20
Blended Fair Value	$42.07
Current Price	$13.42
Upside	213.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.99%	7.04%	0.33	0.33	0.30	0.27	0.24	0.23	0.22	0.21	0.17	0.22
YoY Growth	-	-	2.83%	9.20%	11.30%	12.81%	4.15%	4.46%	4.66%	22.36%	-23.35%	31.09%
Dividend Yield	-	-	2.50%	2.66%	2.59%	2.23%	2.52%	2.36%	2.66%	2.55%	2.44%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.88
(-) Cash Dividends Paid (M)	38.56
(=) Cash Retained (M)	86.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.98	15.61	9.37
Cash Retained (M)	86.32	86.32	86.32
(-) Cash Required (M)	-24.98	-15.61	-9.37
(=) Excess Retained (M)	61.34	70.71	76.95
(/) Shares Outstanding (M)	66.60	66.60	66.60
(=) Excess Retained per Share	0.92	1.06	1.16
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.92	1.06	1.16
(=) Adjusted Dividend	1.50	1.64	1.73
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.04%	6.04%	7.04%
Fair Value	$37.30	$53.95	$83.45
Upside / Downside	177.91%	302.01%	521.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.88	132.41	140.41	148.88	157.87	167.40	172.42
Payout Ratio	30.88%	42.70%	54.53%	66.35%	78.18%	90.00%	92.50%
Projected Dividends (M)	38.56	56.54	76.56	98.78	123.41	150.66	159.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.04%	6.04%	7.04%
Year 1 PV (M)	51.26	51.75	52.24
Year 2 PV (M)	62.93	64.13	65.35
Year 3 PV (M)	73.61	75.73	77.90
Year 4 PV (M)	83.38	86.60	89.91
Year 5 PV (M)	92.28	96.75	101.40
PV of Terminal Value (M)	1,560.22	1,635.92	1,714.53
Equity Value (M)	1,923.68	2,010.89	2,101.33
Shares Outstanding (M)	66.60	66.60	66.60
Fair Value	$28.89	$30.20	$31.55
Upside / Downside	115.24%	125.00%	135.12%

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ICG Enterprise Trust PLC (ICGT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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