DDM Analysis: MUT.L

Valuation Snapshot

Stable Growth	$7.83 - $11.23	$9.49
Multi-Stage	$13.25 - $14.50	$13.86
Blended Fair Value	$11.68
Current Price	$8.54
Upside	36.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.15%	6.26%	0.37	0.43	0.40	0.39	0.27	0.22	0.21	0.23	0.25	0.21
YoY Growth	-	-	-12.77%	8.03%	2.60%	40.71%	24.69%	4.43%	-8.11%	-9.09%	20.87%	2.58%
Dividend Yield	-	-	4.38%	5.02%	4.74%	4.65%	3.16%	2.87%	2.48%	2.93%	3.18%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.66
(-) Cash Dividends Paid (M)	83.64
(=) Cash Retained (M)	34.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.53	14.71	8.82
Cash Retained (M)	34.02	34.02	34.02
(-) Cash Required (M)	-23.53	-14.71	-8.82
(=) Excess Retained (M)	10.48	19.31	25.19
(/) Shares Outstanding (M)	104.17	104.17	104.17
(=) Excess Retained per Share	0.10	0.19	0.24
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.10	0.19	0.24
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.83	$9.49	$11.23
Upside / Downside	-8.28%	11.17%	31.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.66	116.48	115.32	114.16	113.02	111.89	115.25
Payout Ratio	71.09%	74.87%	78.65%	82.44%	86.22%	90.00%	92.50%
Projected Dividends (M)	83.64	87.21	90.70	94.11	97.45	100.70	106.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	78.98	79.79	80.59
Year 2 PV (M)	74.39	75.92	77.46
Year 3 PV (M)	69.90	72.06	74.27
Year 4 PV (M)	65.55	68.27	71.07
Year 5 PV (M)	61.35	64.54	67.87
PV of Terminal Value (M)	1,029.99	1,083.63	1,139.47
Equity Value (M)	1,380.16	1,444.20	1,510.73
Shares Outstanding (M)	104.17	104.17	104.17
Fair Value	$13.25	$13.86	$14.50
Upside / Downside	55.14%	62.33%	69.81%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
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%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
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%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Murray Income Trust PLC (MUT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener