DDM Analysis: EDIN.L

Valuation Snapshot

Stable Growth	$12.38 - $17.71	$15.00
Multi-Stage	$19.39 - $21.29	$20.32
Blended Fair Value	$17.66
Current Price	$8.00
Upside	120.74%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	-1.15%	0.28	0.29	0.29	0.33	0.32	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-4.75%	-0.66%	-12.18%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.72%	4.22%	4.41%	5.23%	5.42%	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)	268.22
(-) Cash Dividends Paid (M)	61.92
(=) Cash Retained (M)	206.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	53.64	33.53	20.12
Cash Retained (M)	206.30	206.30	206.30
(-) Cash Required (M)	-53.64	-33.53	-20.12
(=) Excess Retained (M)	152.65	172.77	186.18
(/) Shares Outstanding (M)	148.73	148.73	148.73
(=) Excess Retained per Share	1.03	1.16	1.25
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	1.03	1.16	1.25
(=) Adjusted Dividend	1.44	1.58	1.67
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$12.38	$15.00	$17.71
Upside / Downside	54.80%	87.45%	121.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	268.22	265.54	262.88	260.25	257.65	255.07	262.73
Payout Ratio	23.09%	36.47%	49.85%	63.23%	76.62%	90.00%	92.50%
Projected Dividends (M)	61.92	96.84	131.05	164.57	197.40	229.57	243.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	87.61	88.50	89.40
Year 2 PV (M)	107.26	109.46	111.69
Year 3 PV (M)	121.86	125.63	129.47
Year 4 PV (M)	132.24	137.73	143.37
Year 5 PV (M)	139.13	146.38	153.92
PV of Terminal Value (M)	2,295.17	2,414.69	2,539.13
Equity Value (M)	2,883.29	3,022.39	3,166.99
Shares Outstanding (M)	148.73	148.73	148.73
Fair Value	$19.39	$20.32	$21.29
Upside / Downside	142.33%	154.02%	166.17%

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The Edinburgh Investment Trust plc (EDIN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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