DDM Analysis: W7L.L

Valuation Snapshot

Stable Growth	$8.12 - $17.89	$11.68
Multi-Stage	$6.02 - $6.57	$6.29
Blended Fair Value	$8.99
Current Price	$4.17
Upside	115.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.92%	2.91%	0.09	0.07	0.06	0.05	0.03	0.04	0.04	0.02	0.04	0.02
YoY Growth	-	-	27.55%	23.56%	10.90%	96.46%	-36.36%	7.38%	68.00%	-33.14%	43.37%	-64.74%
Dividend Yield	-	-	1.79%	1.95%	3.32%	3.39%	3.57%	6.00%	4.07%	0.98%	2.56%	2.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32.78
(-) Cash Dividends Paid (M)	13.16
(=) Cash Retained (M)	19.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.56	4.10	2.46
Cash Retained (M)	19.62	19.62	19.62
(-) Cash Required (M)	-6.56	-4.10	-2.46
(=) Excess Retained (M)	13.06	15.52	17.16
(/) Shares Outstanding (M)	79.23	79.23	79.23
(=) Excess Retained per Share	0.16	0.20	0.22
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.16	0.20	0.22
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.12	$11.68	$17.89
Upside / Downside	94.74%	180.18%	328.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32.78	34.91	37.18	39.60	42.17	44.91	46.26
Payout Ratio	40.16%	50.12%	60.09%	70.06%	80.03%	90.00%	92.50%
Projected Dividends (M)	13.16	17.50	22.34	27.74	33.75	40.42	42.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.80%	9.80%	9.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15.79	15.94	16.09
Year 2 PV (M)	18.19	18.53	18.88
Year 3 PV (M)	20.37	20.96	21.55
Year 4 PV (M)	22.36	23.22	24.11
Year 5 PV (M)	24.16	25.33	26.54
PV of Terminal Value (M)	376.15	394.32	413.18
Equity Value (M)	477.02	498.30	520.35
Shares Outstanding (M)	79.23	79.23	79.23
Fair Value	$6.02	$6.29	$6.57
Upside / Downside	44.37%	50.81%	57.49%

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Warpaint London PLC (W7L.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener