DDM Analysis: TRB.L

Valuation Snapshot

Stable Growth	$0.27 - $0.38	$0.32
Multi-Stage	$0.44 - $0.48	$0.46
Blended Fair Value	$0.39
Current Price	$0.44
Upside	-10.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.34%	-1.32%	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.01
YoY Growth	-	-	0.87%	-49.67%	9.22%	11.14%	4.98%	9.99%	0.00%	0.00%	-100.00%	13.04%
Dividend Yield	-	-	1.39%	1.16%	2.71%	1.15%	1.21%	1.61%	1.28%	0.00%	0.00%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.98
(-) Cash Dividends Paid (M)	2.77
(=) Cash Retained (M)	7.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.00	1.25	0.75
Cash Retained (M)	7.21	7.21	7.21
(-) Cash Required (M)	-2.00	-1.25	-0.75
(=) Excess Retained (M)	5.21	5.96	6.46
(/) Shares Outstanding (M)	214.85	214.85	214.85
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-3.32%	-2.32%	-1.32%
Fair Value	$0.27	$0.32	$0.38
Upside / Downside	-37.69%	-25.52%	-13.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.98	9.74	9.52	9.30	9.08	8.87	9.13
Payout Ratio	27.73%	40.18%	52.64%	65.09%	77.55%	90.00%	92.50%
Projected Dividends (M)	2.77	3.92	5.01	6.05	7.04	7.98	8.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-3.32%	-2.32%	-1.32%
Year 1 PV (M)	3.53	3.56	3.60
Year 2 PV (M)	4.06	4.15	4.23
Year 3 PV (M)	4.42	4.56	4.70
Year 4 PV (M)	4.63	4.82	5.02
Year 5 PV (M)	4.72	4.97	5.23
PV of Terminal Value (M)	72.23	76.05	80.02
Equity Value (M)	93.59	98.11	102.80
Shares Outstanding (M)	214.85	214.85	214.85
Fair Value	$0.44	$0.46	$0.48
Upside / Downside	0.14%	4.97%	10.00%

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Tribal Group plc (TRB.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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