DDM Analysis: JUST.L

Valuation Snapshot

Stable Growth	$1.15 - $1.69	$1.41
Multi-Stage	$2.07 - $2.27	$2.17
Blended Fair Value	$1.79
Current Price	$1.32
Upside	35.46%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2016
DPS	158.31%	3.38%	0.02	0.02	0.01	0.02	0.00	0.00	0.02	0.03	0.03	0.02
YoY Growth	-	-	21.05%	26.67%	-40.48%	25,100.00%	-50.00%	-99.18%	-26.51%	0.91%	45.58%	36.97%
Dividend Yield	-	-	1.35%	2.13%	1.75%	2.87%	0.01%	0.02%	2.53%	1.91%	2.09%	1.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.50
(-) Cash Dividends Paid (M)	48.20
(=) Cash Retained (M)	106.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.90	19.31	11.59
Cash Retained (M)	106.30	106.30	106.30
(-) Cash Required (M)	-30.90	-19.31	-11.59
(=) Excess Retained (M)	75.40	86.99	94.71
(/) Shares Outstanding (M)	1,050.85	1,050.85	1,050.85
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.15	$1.41	$1.69
Upside / Downside	-12.96%	6.82%	28.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.50	152.96	151.43	149.91	148.41	146.93	151.34
Payout Ratio	31.20%	42.96%	54.72%	66.48%	78.24%	90.00%	92.50%
Projected Dividends (M)	48.20	65.71	82.86	99.66	116.12	132.24	139.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	60.21	60.82	61.44
Year 2 PV (M)	69.57	70.99	72.44
Year 3 PV (M)	76.67	79.04	81.46
Year 4 PV (M)	81.85	85.25	88.74
Year 5 PV (M)	85.41	89.86	94.49
PV of Terminal Value (M)	1,796.68	1,890.24	1,987.65
Equity Value (M)	2,170.39	2,276.20	2,386.22
Shares Outstanding (M)	1,050.85	1,050.85	1,050.85
Fair Value	$2.07	$2.17	$2.27
Upside / Downside	56.47%	64.10%	72.03%

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Just Group plc (JUST.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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