DDM Analysis: RSW.L

Valuation Snapshot

Stable Growth	$42.00 - $82.87	$58.08
Multi-Stage	$35.60 - $38.79	$37.16
Blended Fair Value	$47.62
Current Price	$28.60
Upside	66.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.61%	6.04%	0.76	0.76	0.73	0.68	0.14	0.46	0.60	0.54	0.48	0.47
YoY Growth	-	-	0.02%	3.75%	7.91%	385.76%	-69.57%	-23.34%	12.15%	11.46%	3.23%	9.75%
Dividend Yield	-	-	2.66%	2.09%	1.88%	1.91%	0.28%	1.14%	1.40%	1.01%	1.33%	2.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	180.65
(-) Cash Dividends Paid (M)	110.84
(=) Cash Retained (M)	69.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.13	22.58	13.55
Cash Retained (M)	69.81	69.81	69.81
(-) Cash Required (M)	-36.13	-22.58	-13.55
(=) Excess Retained (M)	33.68	47.23	56.26
(/) Shares Outstanding (M)	72.73	72.73	72.73
(=) Excess Retained per Share	0.46	0.65	0.77
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	0.46	0.65	0.77
(=) Adjusted Dividend	1.99	2.17	2.30
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	4.95%	5.95%	6.95%
Fair Value	$42.00	$58.08	$82.87
Upside / Downside	46.87%	103.06%	189.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	180.65	191.40	202.80	214.87	227.67	241.22	248.46
Payout Ratio	61.36%	67.08%	72.81%	78.54%	84.27%	90.00%	92.50%
Projected Dividends (M)	110.84	128.40	147.66	168.77	191.86	217.10	229.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	4.95%	5.95%	6.95%
Year 1 PV (M)	115.71	116.81	117.92
Year 2 PV (M)	119.92	122.22	124.53
Year 3 PV (M)	123.51	127.08	130.71
Year 4 PV (M)	126.53	131.43	136.46
Year 5 PV (M)	129.03	135.30	141.80
PV of Terminal Value (M)	1,974.14	2,070.00	2,169.55
Equity Value (M)	2,588.85	2,702.83	2,820.97
Shares Outstanding (M)	72.73	72.73	72.73
Fair Value	$35.60	$37.16	$38.79
Upside / Downside	24.46%	29.94%	35.62%

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Renishaw plc (RSW.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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