DDM Analysis: VCAP.L

Valuation Snapshot

Stable Growth	$0.56 - $0.83	$0.69
Multi-Stage	$1.09 - $1.19	$1.14
Blended Fair Value	$0.91
Current Price	$0.30
Upside	204.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.03	0.03	0.02	0.01	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.79%	10.18%	157.75%	-42.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.67%	5.84%	5.24%	2.24%	3.91%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3.13
(-) Cash Dividends Paid (M)	2.29
(=) Cash Retained (M)	0.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.63	0.39	0.23
Cash Retained (M)	0.84	0.84	0.84
(-) Cash Required (M)	-0.63	-0.39	-0.23
(=) Excess Retained (M)	0.21	0.44	0.60
(/) Shares Outstanding (M)	45.24	45.24	45.24
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.06	0.06	0.06
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.56	$0.69	$0.83
Upside / Downside	85.76%	128.79%	175.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.13	3.09	3.06	3.03	3.00	2.97	3.06
Payout Ratio	73.28%	76.62%	79.97%	83.31%	86.66%	90.00%	92.50%
Projected Dividends (M)	2.29	2.37	2.45	2.53	2.60	2.67	2.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.72%	7.72%	7.72%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.18	2.20	2.22
Year 2 PV (M)	2.07	2.11	2.15
Year 3 PV (M)	1.96	2.02	2.08
Year 4 PV (M)	1.86	1.93	2.01
Year 5 PV (M)	1.75	1.84	1.94
PV of Terminal Value (M)	39.34	41.39	43.52
Equity Value (M)	49.16	51.50	53.93
Shares Outstanding (M)	45.24	45.24	45.24
Fair Value	$1.09	$1.14	$1.19
Upside / Downside	262.16%	279.42%	297.35%

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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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Vector Capital Plc (VCAP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener