DDM Analysis: BREE.L

Valuation Snapshot

Stable Growth	$15.92 - $62.25	$27.02
Multi-Stage	$10.43 - $11.38	$10.90
Blended Fair Value	$18.96
Current Price	$3.86
Upside	391.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.14	0.11	0.09	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	28.46%	23.28%	263.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.16%	3.06%	2.91%	0.52%	0.00%	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)	185.30
(-) Cash Dividends Paid (M)	129.90
(=) Cash Retained (M)	55.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.06	23.16	13.90
Cash Retained (M)	55.40	55.40	55.40
(-) Cash Required (M)	-37.06	-23.16	-13.90
(=) Excess Retained (M)	18.34	32.24	41.50
(/) Shares Outstanding (M)	343.12	343.12	343.12
(=) Excess Retained per Share	0.05	0.09	0.12
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.05	0.09	0.12
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.92	$27.02	$62.25
Upside / Downside	312.49%	599.94%	1,512.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	185.30	197.34	210.17	223.83	238.38	253.88	261.49
Payout Ratio	70.10%	74.08%	78.06%	82.04%	86.02%	90.00%	92.50%
Projected Dividends (M)	129.90	146.20	164.06	183.63	205.06	228.49	241.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.36%	8.36%	8.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.65	134.91	136.18
Year 2 PV (M)	137.11	139.72	142.35
Year 3 PV (M)	140.29	144.32	148.42
Year 4 PV (M)	143.21	148.72	154.38
Year 5 PV (M)	145.88	152.92	160.24
PV of Terminal Value (M)	2,879.62	3,018.71	3,163.12
Equity Value (M)	3,579.75	3,739.30	3,904.69
Shares Outstanding (M)	343.12	343.12	343.12
Fair Value	$10.43	$10.90	$11.38
Upside / Downside	170.28%	182.33%	194.82%

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Breedon Group plc (BREE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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