DDM Analysis: MATE.L

Valuation Snapshot

Stable Growth	$0.60 - $0.85	$0.72
Multi-Stage	$0.99 - $1.09	$1.04
Blended Fair Value	$0.88
Current Price	$0.96
Upside	-8.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020
DPS	0.00%	0.00%	0.04	0.04	0.04	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.89%	-2.03%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.11%	3.84%	4.47%	4.23%	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)	7.91
(-) Cash Dividends Paid (M)	6.89
(=) Cash Retained (M)	1.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.58	0.99	0.59
Cash Retained (M)	1.02	1.02	1.02
(-) Cash Required (M)	-1.58	-0.99	-0.59
(=) Excess Retained (M)	-0.56	0.03	0.42
(/) Shares Outstanding (M)	86.11	86.11	86.11
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.60	$0.72	$0.85
Upside / Downside	-37.66%	-24.86%	-11.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.91	7.83	7.75	7.67	7.60	7.52	7.75
Payout Ratio	87.13%	87.70%	88.28%	88.85%	89.43%	90.00%	92.50%
Projected Dividends (M)	6.89	6.87	6.84	6.82	6.79	6.77	7.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.18	6.24	6.30
Year 2 PV (M)	5.54	5.65	5.77
Year 3 PV (M)	4.97	5.12	5.28
Year 4 PV (M)	4.46	4.64	4.83
Year 5 PV (M)	3.99	4.20	4.42
PV of Terminal Value (M)	60.41	63.56	66.83
Equity Value (M)	85.55	89.42	93.43
Shares Outstanding (M)	86.11	86.11	86.11
Fair Value	$0.99	$1.04	$1.09
Upside / Downside	3.22%	7.88%	12.73%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
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0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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JPMorgan Multi-Asset Growth & Income plc (MATE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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