DDM Analysis: JEDT.L

Valuation Snapshot

Stable Growth	$31.98 - $65.92	$44.93
Multi-Stage	$25.14 - $27.50	$26.30
Blended Fair Value	$35.62
Current Price	$5.78
Upside	516.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	6.87%	12.36%	0.11	0.12	0.08	0.08	0.08	0.08	0.08	0.06	0.04	0.04
YoY Growth	-	-	-6.77%	51.42%	-1.21%	-0.04%	0.00%	-0.30%	42.52%	46.77%	-0.04%	10.33%
Dividend Yield	-	-	2.31%	2.59%	1.88%	1.79%	1.75%	3.22%	2.31%	1.40%	1.16%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	235.62
(-) Cash Dividends Paid (M)	13.23
(=) Cash Retained (M)	222.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.12	29.45	17.67
Cash Retained (M)	222.39	222.39	222.39
(-) Cash Required (M)	-47.12	-29.45	-17.67
(=) Excess Retained (M)	175.27	192.94	204.72
(/) Shares Outstanding (M)	132.40	132.40	132.40
(=) Excess Retained per Share	1.32	1.46	1.55
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.32	1.46	1.55
(=) Adjusted Dividend	1.42	1.56	1.65
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.87%	5.87%	6.87%
Fair Value	$31.98	$44.93	$65.92
Upside / Downside	453.27%	677.42%	1,040.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	235.62	249.45	264.10	279.61	296.02	313.40	322.81
Payout Ratio	5.61%	22.49%	39.37%	56.25%	73.12%	90.00%	92.50%
Projected Dividends (M)	13.23	56.11	103.97	157.27	216.46	282.06	298.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.54%	9.54%	9.54%
Growth Rate	4.87%	5.87%	6.87%
Year 1 PV (M)	50.74	51.22	51.70
Year 2 PV (M)	85.02	86.65	88.30
Year 3 PV (M)	116.29	119.65	123.07
Year 4 PV (M)	144.74	150.34	156.10
Year 5 PV (M)	170.56	178.85	187.45
PV of Terminal Value (M)	2,760.64	2,894.80	3,034.12
Equity Value (M)	3,328.00	3,481.51	3,640.75
Shares Outstanding (M)	132.40	132.40	132.40
Fair Value	$25.14	$26.30	$27.50
Upside / Downside	334.89%	354.95%	375.76%

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JPMorgan European Discovery Trust plc (JEDT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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