DDM Analysis: MIGO.L

Valuation Snapshot

Stable Growth	$1.32 - $1.88	$1.59
Multi-Stage	$2.03 - $2.23	$2.13
Blended Fair Value	$1.86
Current Price	$3.27
Upside	-43.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.01	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-82.04%	607.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.17%	0.90%	0.14%	0.00%	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)	4.34
(-) Cash Dividends Paid (M)	0.48
(=) Cash Retained (M)	3.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.87	0.54	0.33
Cash Retained (M)	3.86	3.86	3.86
(-) Cash Required (M)	-0.87	-0.54	-0.33
(=) Excess Retained (M)	2.99	3.32	3.53
(/) Shares Outstanding (M)	22.76	22.76	22.76
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.32	$1.59	$1.88
Upside / Downside	-59.76%	-51.25%	-42.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.34	4.30	4.25	4.21	4.17	4.13	4.25
Payout Ratio	11.08%	26.87%	42.65%	58.43%	74.22%	90.00%	92.50%
Projected Dividends (M)	0.48	1.15	1.81	2.46	3.09	3.71	3.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.36%	9.36%	9.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1.04	1.06	1.07
Year 2 PV (M)	1.49	1.52	1.55
Year 3 PV (M)	1.82	1.88	1.94
Year 4 PV (M)	2.08	2.16	2.25
Year 5 PV (M)	2.26	2.37	2.50
PV of Terminal Value (M)	37.54	39.49	41.53
Equity Value (M)	46.23	48.48	50.83
Shares Outstanding (M)	22.76	22.76	22.76
Fair Value	$2.03	$2.13	$2.23
Upside / Downside	-37.88%	-34.85%	-31.70%

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MIGO Opportunities Trust plc (MIGO.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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