DDM Analysis: SLPE.L

Valuation Snapshot

Stable Growth	$6.64 - $9.48	$8.03
Multi-Stage	$9.76 - $10.71	$10.23
Blended Fair Value	$9.13
Current Price	$4.33
Upside	110.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.38%	11.82%	0.16	0.15	0.14	0.13	0.13	0.13	0.12	0.10	0.05	0.07
YoY Growth	-	-	7.73%	8.58%	4.49%	3.07%	3.18%	3.28%	27.08%	79.17%	-22.52%	29.01%
Dividend Yield	-	-	3.78%	3.51%	3.41%	2.69%	4.06%	3.58%	3.49%	2.81%	2.01%	3.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	149.22
(-) Cash Dividends Paid (M)	38.13
(=) Cash Retained (M)	111.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.84	18.65	11.19
Cash Retained (M)	111.09	111.09	111.09
(-) Cash Required (M)	-29.84	-18.65	-11.19
(=) Excess Retained (M)	81.25	92.44	99.90
(/) Shares Outstanding (M)	153.75	153.75	153.75
(=) Excess Retained per Share	0.53	0.60	0.65
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.53	0.60	0.65
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-1.52%	-0.52%	0.48%
Fair Value	$6.64	$8.03	$9.48
Upside / Downside	53.36%	85.56%	118.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	149.22	148.45	147.69	146.93	146.17	145.42	149.78
Payout Ratio	25.55%	38.44%	51.33%	64.22%	77.11%	90.00%	92.50%
Projected Dividends (M)	38.13	57.07	75.81	94.36	112.71	130.87	138.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-1.52%	-0.52%	0.48%
Year 1 PV (M)	51.36	51.88	52.40
Year 2 PV (M)	61.40	62.65	63.92
Year 3 PV (M)	68.78	70.89	73.05
Year 4 PV (M)	73.93	76.98	80.13
Year 5 PV (M)	77.26	81.26	85.43
PV of Terminal Value (M)	1,168.40	1,228.93	1,291.95
Equity Value (M)	1,501.12	1,572.60	1,646.88
Shares Outstanding (M)	153.75	153.75	153.75
Fair Value	$9.76	$10.23	$10.71
Upside / Downside	125.49%	136.22%	147.38%

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Standard Life Private Equity Trust (SLPE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener