DDM Analysis: MRCH.L

Valuation Snapshot

Stable Growth	$12.43 - $21.26	$16.26
Multi-Stage	$12.84 - $14.00	$13.41
Blended Fair Value	$14.83
Current Price	$5.50
Upside	169.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.86%	5.57%	0.29	0.27	0.24	0.23	0.21	0.20	0.19	0.18	0.18	0.18
YoY Growth	-	-	4.77%	12.11%	8.19%	5.98%	8.41%	5.59%	3.67%	2.08%	0.00%	5.36%
Dividend Yield	-	-	5.17%	5.06%	4.14%	3.95%	4.88%	3.70%	3.96%	3.69%	3.89%	4.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	142.89
(-) Cash Dividends Paid (M)	85.19
(=) Cash Retained (M)	57.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.58	17.86	10.72
Cash Retained (M)	57.71	57.71	57.71
(-) Cash Required (M)	-28.58	-17.86	-10.72
(=) Excess Retained (M)	29.13	39.85	46.99
(/) Shares Outstanding (M)	148.04	148.04	148.04
(=) Excess Retained per Share	0.20	0.27	0.32
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.20	0.27	0.32
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.57%	4.57%	5.57%
Fair Value	$12.43	$16.26	$21.26
Upside / Downside	126.05%	195.57%	286.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	142.89	149.42	156.24	163.38	170.84	178.65	184.01
Payout Ratio	59.61%	65.69%	71.77%	77.85%	83.92%	90.00%	92.50%
Projected Dividends (M)	85.19	98.16	112.14	127.19	143.38	160.78	170.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.57%	4.57%	5.57%
Year 1 PV (M)	88.38	89.23	90.09
Year 2 PV (M)	90.91	92.67	94.45
Year 3 PV (M)	92.84	95.56	98.32
Year 4 PV (M)	94.24	97.93	101.73
Year 5 PV (M)	95.15	99.83	104.70
PV of Terminal Value (M)	1,438.94	1,509.77	1,583.35
Equity Value (M)	1,900.46	1,984.99	2,072.64
Shares Outstanding (M)	148.04	148.04	148.04
Fair Value	$12.84	$13.41	$14.00
Upside / Downside	133.41%	143.80%	154.56%

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The Merchants Trust Plc (MRCH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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