DDM Analysis: JMI.L

Valuation Snapshot

Stable Growth	$6.67 - $9.57	$8.09
Multi-Stage	$10.57 - $11.61	$11.08
Blended Fair Value	$9.58
Current Price	$2.94
Upside	225.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	32.70%	0.00%	0.20	0.06	0.05	0.05	0.05	0.05	0.04	0.03	0.02	0.00
YoY Growth	-	-	228.48%	21.06%	3.63%	0.00%	-0.14%	9.75%	28.22%	61.73%	0.00%	0.00%
Dividend Yield	-	-	6.64%	1.96%	1.52%	1.08%	1.79%	1.84%	1.54%	1.42%	1.13%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.84
(-) Cash Dividends Paid (M)	20.39
(=) Cash Retained (M)	66.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.37	10.86	6.51
Cash Retained (M)	66.46	66.46	66.46
(-) Cash Required (M)	-17.37	-10.86	-6.51
(=) Excess Retained (M)	49.09	55.60	59.94
(/) Shares Outstanding (M)	90.60	90.60	90.60
(=) Excess Retained per Share	0.54	0.61	0.66
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.54	0.61	0.66
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.67	$8.09	$9.57
Upside / Downside	126.82%	175.02%	225.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.84	85.97	85.11	84.26	83.42	82.58	85.06
Payout Ratio	23.47%	36.78%	50.08%	63.39%	76.69%	90.00%	92.50%
Projected Dividends (M)	20.39	31.62	42.63	53.41	63.98	74.33	78.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.65	28.94	29.23
Year 2 PV (M)	34.99	35.70	36.43
Year 3 PV (M)	39.71	40.94	42.19
Year 4 PV (M)	43.09	44.88	46.72
Year 5 PV (M)	45.35	47.72	50.18
PV of Terminal Value (M)	765.91	805.79	847.32
Equity Value (M)	957.70	1,003.97	1,052.06
Shares Outstanding (M)	90.60	90.60	90.60
Fair Value	$10.57	$11.08	$11.61
Upside / Downside	259.54%	276.91%	294.96%

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JPMorgan UK Smaller Companies Investment Trust Plc (JMI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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