DDM Analysis: SWEF.L

Valuation Snapshot

Stable Growth	$0.91 - $1.29	$1.10
Multi-Stage	$1.52 - $1.66	$1.59
Blended Fair Value	$1.34
Current Price	$0.92
Upside	46.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.24%	1.89%	0.04	0.07	0.06	0.06	0.07	0.07	0.06	0.06	0.05	0.05
YoY Growth	-	-	-48.53%	30.12%	-5.20%	-12.35%	4.71%	5.09%	0.00%	14.43%	17.56%	46.35%
Dividend Yield	-	-	4.14%	8.16%	6.37%	6.36%	7.58%	6.21%	6.08%	5.69%	5.02%	4.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.93
(-) Cash Dividends Paid (M)	49.99
(=) Cash Retained (M)	4.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.99	6.87	4.12
Cash Retained (M)	4.94	4.94	4.94
(-) Cash Required (M)	-10.99	-6.87	-4.12
(=) Excess Retained (M)	-6.05	-1.93	0.82
(/) Shares Outstanding (M)	393.15	393.15	393.15
(=) Excess Retained per Share	-0.02	0.00	0.00
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	-0.02	0.00	0.00
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.91	$1.10	$1.29
Upside / Downside	-0.56%	19.86%	40.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.93	54.38	53.84	53.30	52.77	52.24	53.81
Payout Ratio	91.01%	90.81%	90.60%	90.40%	90.20%	90.00%	92.50%
Projected Dividends (M)	49.99	49.38	48.78	48.19	47.60	47.02	49.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.44	44.90	45.35
Year 2 PV (M)	39.51	40.32	41.13
Year 3 PV (M)	35.12	36.20	37.31
Year 4 PV (M)	31.22	32.51	33.84
Year 5 PV (M)	27.75	29.19	30.70
PV of Terminal Value (M)	419.65	441.51	464.26
Equity Value (M)	597.68	624.63	652.60
Shares Outstanding (M)	393.15	393.15	393.15
Fair Value	$1.52	$1.59	$1.66
Upside / Downside	65.60%	73.07%	80.82%

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Starwood European Real Estate Finance Ltd. (SWEF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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