DDM Analysis: ICGT.L

Valuation Snapshot

Stable Growth	$37.30 - $83.45	$53.95
Multi-Stage	$28.89 - $31.55	$30.20
Blended Fair Value	$42.07
Current Price	$13.42
Upside	213.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.99%	7.04%	0.33	0.33	0.30	0.27	0.24	0.23	0.22	0.21	0.17	0.22
YoY Growth	-	-	2.83%	9.20%	11.30%	12.81%	4.15%	4.46%	4.66%	22.36%	-23.35%	31.09%
Dividend Yield	-	-	2.50%	2.66%	2.59%	2.23%	2.52%	2.36%	2.66%	2.55%	2.44%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	124.88
(-) Cash Dividends Paid (M)	38.56
(=) Cash Retained (M)	86.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.98	15.61	9.37
Cash Retained (M)	86.32	86.32	86.32
(-) Cash Required (M)	-24.98	-15.61	-9.37
(=) Excess Retained (M)	61.34	70.71	76.95
(/) Shares Outstanding (M)	66.60	66.60	66.60
(=) Excess Retained per Share	0.92	1.06	1.16
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.92	1.06	1.16
(=) Adjusted Dividend	1.50	1.64	1.73
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.04%	6.04%	7.04%
Fair Value	$37.30	$53.95	$83.45
Upside / Downside	177.91%	302.01%	521.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	124.88	132.41	140.41	148.88	157.87	167.40	172.42
Payout Ratio	30.88%	42.70%	54.53%	66.35%	78.18%	90.00%	92.50%
Projected Dividends (M)	38.56	56.54	76.56	98.78	123.41	150.66	159.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.26%	9.26%	9.26%
Growth Rate	5.04%	6.04%	7.04%
Year 1 PV (M)	51.26	51.75	52.24
Year 2 PV (M)	62.93	64.13	65.35
Year 3 PV (M)	73.61	75.73	77.90
Year 4 PV (M)	83.38	86.60	89.91
Year 5 PV (M)	92.28	96.75	101.40
PV of Terminal Value (M)	1,560.22	1,635.92	1,714.53
Equity Value (M)	1,923.68	2,010.89	2,101.33
Shares Outstanding (M)	66.60	66.60	66.60
Fair Value	$28.89	$30.20	$31.55
Upside / Downside	115.24%	125.00%	135.12%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 29 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

ICG Enterprise Trust PLC (ICGT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener