DDM Analysis: RNWH.L

Valuation Snapshot

Stable Growth	$24.10 - $56.82	$35.49
Multi-Stage	$17.29 - $18.88	$18.07
Blended Fair Value	$26.78
Current Price	$6.62
Upside	304.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	21.52%	15.75%	0.19	0.18	0.17	0.17	0.13	0.07	0.10	0.08	0.07	0.06
YoY Growth	-	-	5.54%	6.01%	3.03%	28.27%	79.20%	-26.91%	26.24%	19.82%	13.34%	30.03%
Dividend Yield	-	-	0.00%	1.74%	2.42%	2.94%	1.66%	1.60%	2.59%	1.99%	1.61%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.39
(-) Cash Dividends Paid (M)	29.82
(=) Cash Retained (M)	60.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.08	11.30	6.78
Cash Retained (M)	60.57	60.57	60.57
(-) Cash Required (M)	-18.08	-11.30	-6.78
(=) Excess Retained (M)	42.49	49.27	53.79
(/) Shares Outstanding (M)	79.16	79.16	79.16
(=) Excess Retained per Share	0.54	0.62	0.68
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.54	0.62	0.68
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.10	$35.49	$56.82
Upside / Downside	264.10%	436.09%	758.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.39	96.26	102.52	109.18	116.28	123.84	127.55
Payout Ratio	32.99%	44.39%	55.79%	67.19%	78.60%	90.00%	92.50%
Projected Dividends (M)	29.82	42.73	57.20	73.36	91.39	111.45	117.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.50%	9.50%	9.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.66	39.02	39.39
Year 2 PV (M)	46.81	47.70	48.60
Year 3 PV (M)	54.32	55.88	57.47
Year 4 PV (M)	61.22	63.57	65.99
Year 5 PV (M)	67.54	70.80	74.19
PV of Terminal Value (M)	1,100.31	1,153.45	1,208.63
Equity Value (M)	1,368.85	1,430.43	1,494.28
Shares Outstanding (M)	79.16	79.16	79.16
Fair Value	$17.29	$18.07	$18.88
Upside / Downside	161.22%	172.97%	185.15%

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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%

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Renew Holdings plc (RNWH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener