DDM Analysis: GHE.L

Valuation Snapshot

Stable Growth	$8.24 - $17.68	$11.75
Multi-Stage	$6.38 - $6.94	$6.65
Blended Fair Value	$9.20
Current Price	$6.80
Upside	35.33%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	53.08%	0.11	0.05	0.04	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	102.82%	39.23%	69.94%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	148.15%
Dividend Yield	-	-	1.40%	0.58%	0.47%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.65
(-) Cash Dividends Paid (M)	10.27
(=) Cash Retained (M)	5.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.13	1.96	1.17
Cash Retained (M)	5.38	5.38	5.38
(-) Cash Required (M)	-3.13	-1.96	-1.17
(=) Excess Retained (M)	2.25	3.43	4.21
(/) Shares Outstanding (M)	36.10	36.10	36.10
(=) Excess Retained per Share	0.06	0.09	0.12
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.06	0.09	0.12
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.24	$11.75	$17.68
Upside / Downside	21.23%	72.79%	160.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.65	16.67	17.75	18.90	20.13	21.44	22.08
Payout Ratio	65.60%	70.48%	75.36%	80.24%	85.12%	90.00%	92.50%
Projected Dividends (M)	10.27	11.75	13.38	15.17	17.14	19.30	20.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.58	10.69	10.79
Year 2 PV (M)	10.86	11.07	11.28
Year 3 PV (M)	11.10	11.42	11.74
Year 4 PV (M)	11.30	11.73	12.18
Year 5 PV (M)	11.46	12.02	12.59
PV of Terminal Value (M)	174.89	183.34	192.11
Equity Value (M)	230.19	240.26	250.68
Shares Outstanding (M)	36.10	36.10	36.10
Fair Value	$6.38	$6.65	$6.94
Upside / Downside	-6.23%	-2.13%	2.11%

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Gresham House plc (GHE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener