DDM Analysis: DNE.L

Valuation Snapshot

Stable Growth	$5.17 - $7.33	$6.24
Multi-Stage	$8.03 - $8.79	$8.40
Blended Fair Value	$7.32
Current Price	$5.03
Upside	45.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	3.93%	-1.94%	0.14	0.64	0.33	0.10	0.04	0.11	0.65	0.33	0.10	0.37
YoY Growth	-	-	-78.40%	95.55%	215.70%	149.88%	-63.61%	-82.27%	93.76%	236.70%	-72.93%	116.49%
Dividend Yield	-	-	2.74%	12.64%	6.96%	3.10%	1.11%	3.49%	16.28%	10.90%	3.08%	10.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.84
(-) Cash Dividends Paid (M)	3.47
(=) Cash Retained (M)	4.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.57	0.98	0.59
Cash Retained (M)	4.37	4.37	4.37
(-) Cash Required (M)	-1.57	-0.98	-0.59
(=) Excess Retained (M)	2.80	3.39	3.78
(/) Shares Outstanding (M)	9.90	9.90	9.90
(=) Excess Retained per Share	0.28	0.34	0.38
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.28	0.34	0.38
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.17	$6.24	$7.33
Upside / Downside	2.87%	23.99%	45.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.84	7.76	7.69	7.61	7.53	7.46	7.68
Payout Ratio	44.26%	53.41%	62.56%	71.70%	80.85%	90.00%	92.50%
Projected Dividends (M)	3.47	4.15	4.81	5.46	6.09	6.71	7.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.73	3.77	3.81
Year 2 PV (M)	3.89	3.97	4.05
Year 3 PV (M)	3.98	4.10	4.22
Year 4 PV (M)	3.99	4.16	4.33
Year 5 PV (M)	3.96	4.17	4.38
PV of Terminal Value (M)	59.91	63.03	66.27
Equity Value (M)	79.46	83.20	87.07
Shares Outstanding (M)	9.90	9.90	9.90
Fair Value	$8.03	$8.40	$8.79
Upside / Downside	59.54%	67.04%	74.82%

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Dunedin Enterprise Investment Trust PLC (DNE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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