DDM Analysis: 0NCA.L

Valuation Snapshot

Stable Growth	$130.82 - $154.13	$144.44
Multi-Stage	$33.06 - $36.22	$34.61
Blended Fair Value	$89.53
Current Price	$20.10
Upside	345.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.38%	0.00%	0.26	0.24	0.22	0.20	0.16	0.12	0.10	0.00	0.00	0.05
YoY Growth	-	-	7.36%	9.59%	9.76%	24.96%	32.31%	19.98%	0.00%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	1.48%	1.60%	1.34%	1.08%	0.88%	1.14%	1.39%	0.00%	0.00%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.43
(-) Cash Dividends Paid (M)	4.86
(=) Cash Retained (M)	8.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.69	1.68	1.01
Cash Retained (M)	8.57	8.57	8.57
(-) Cash Required (M)	-2.69	-1.68	-1.01
(=) Excess Retained (M)	5.89	6.89	7.56
(/) Shares Outstanding (M)	17.33	17.33	17.33
(=) Excess Retained per Share	0.34	0.40	0.44
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.34	0.40	0.44
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	5.44%	5.44%	5.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$130.82	$144.44	$154.13
Upside / Downside	550.84%	618.60%	666.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.43	14.30	15.23	16.22	17.28	18.40	18.95
Payout Ratio	36.18%	46.94%	57.71%	68.47%	79.24%	90.00%	92.50%
Projected Dividends (M)	4.86	6.71	8.79	11.11	13.69	16.56	17.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.44%	5.44%	5.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6.31	6.37	6.43
Year 2 PV (M)	7.76	7.91	8.06
Year 3 PV (M)	9.21	9.48	9.75
Year 4 PV (M)	10.67	11.08	11.50
Year 5 PV (M)	12.12	12.71	13.32
PV of Terminal Value (M)	526.83	552.28	578.70
Equity Value (M)	572.90	599.82	627.74
Shares Outstanding (M)	17.33	17.33	17.33
Fair Value	$33.06	$34.61	$36.22
Upside / Downside	64.48%	72.20%	80.22%

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BTBT	Bit Digital, Inc.	0.25%	$0.01	1.17%
PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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IVU Traffic Technologies AG (0NCA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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