DDM Analysis: RTO.L

Valuation Snapshot

Stable Growth	$13.12 - $46.96	$42.44
Multi-Stage	$6.12 - $6.69	$6.40
Blended Fair Value	$24.42
Current Price	$3.52
Upside	593.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.69%	18.15%	0.09	0.08	0.05	0.05	0.00	0.03	0.03	0.03	0.02	0.02
YoY Growth	-	-	13.93%	64.75%	-12.04%	0.00%	-100.00%	15.63%	15.40%	15.86%	13.50%	13.19%
Dividend Yield	-	-	2.26%	1.84%	0.95%	0.94%	0.00%	0.75%	0.87%	0.83%	0.99%	1.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	597.00
(-) Cash Dividends Paid (M)	398.00
(=) Cash Retained (M)	199.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	119.40	74.63	44.78
Cash Retained (M)	199.00	199.00	199.00
(-) Cash Required (M)	-119.40	-74.63	-44.78
(=) Excess Retained (M)	79.60	124.38	154.23
(/) Shares Outstanding (M)	2,528.12	2,528.12	2,528.12
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.12	$42.44	$46.96
Upside / Downside	272.86%	1,105.63%	1,234.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	597.00	635.81	677.13	721.15	768.02	817.94	842.48
Payout Ratio	66.67%	71.33%	76.00%	80.67%	85.33%	90.00%	92.50%
Projected Dividends (M)	398.00	453.54	514.62	581.72	655.38	736.15	779.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	419.82	423.80	427.78
Year 2 PV (M)	440.94	449.33	457.81
Year 3 PV (M)	461.37	474.61	488.11
Year 4 PV (M)	481.13	499.64	518.67
Year 5 PV (M)	500.25	524.41	549.50
PV of Terminal Value (M)	13,178.10	13,814.61	14,475.47
Equity Value (M)	15,481.60	16,186.40	16,917.33
Shares Outstanding (M)	2,528.12	2,528.12	2,528.12
Fair Value	$6.12	$6.40	$6.69
Upside / Downside	73.97%	81.89%	90.10%

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Rentokil Initial plc (RTO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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