DDM Analysis: RS1.L

Valuation Snapshot

Stable Growth	$18.84 - $62.13	$30.65
Multi-Stage	$12.72 - $13.88	$13.29
Blended Fair Value	$21.97
Current Price	$5.69
Upside	286.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.86%	7.33%	0.22	0.22	0.19	0.16	0.15	0.15	0.13	0.12	0.11	0.11
YoY Growth	-	-	0.58%	17.49%	16.27%	7.02%	3.94%	16.30%	6.32%	7.16%	0.19%	0.00%
Dividend Yield	-	-	3.96%	3.11%	2.06%	1.49%	1.52%	2.82%	2.17%	1.96%	2.32%	4.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	327.10
(-) Cash Dividends Paid (M)	209.10
(=) Cash Retained (M)	118.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.42	40.89	24.53
Cash Retained (M)	118.00	118.00	118.00
(-) Cash Required (M)	-65.42	-40.89	-24.53
(=) Excess Retained (M)	52.58	77.11	93.47
(/) Shares Outstanding (M)	471.03	471.03	471.03
(=) Excess Retained per Share	0.11	0.16	0.20
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.11	0.16	0.20
(=) Adjusted Dividend	0.56	0.61	0.64
WACC / Discount Rate	8.61%	8.61%	8.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.84	$30.65	$62.13
Upside / Downside	231.06%	438.65%	991.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	327.10	348.36	371.00	395.12	420.80	448.16	461.60
Payout Ratio	63.93%	69.14%	74.36%	79.57%	84.79%	90.00%	92.50%
Projected Dividends (M)	209.10	240.86	275.86	314.40	356.78	403.34	426.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.61%	8.61%	8.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	219.68	221.76	223.84
Year 2 PV (M)	229.48	233.85	238.26
Year 3 PV (M)	238.54	245.39	252.37
Year 4 PV (M)	246.89	256.39	266.15
Year 5 PV (M)	254.57	266.87	279.63
PV of Terminal Value (M)	4,802.57	5,034.54	5,275.38
Equity Value (M)	5,991.74	6,258.80	6,535.64
Shares Outstanding (M)	471.03	471.03	471.03
Fair Value	$12.72	$13.29	$13.88
Upside / Downside	123.56%	133.52%	143.85%

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RS Group plc (RS1.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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