DDM Analysis: PSON.L

Valuation Snapshot

Stable Growth	$7.27 - $10.27	$8.75
Multi-Stage	$14.04 - $15.42	$14.71
Blended Fair Value	$11.73
Current Price	$10.72
Upside	9.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.20%	-8.92%	0.23	0.22	0.23	0.22	0.21	0.21	0.20	0.46	0.62	0.61
YoY Growth	-	-	1.30%	-1.28%	4.70%	2.05%	-0.68%	8.09%	-57.23%	-25.00%	0.24%	6.55%
Dividend Yield	-	-	1.77%	2.31%	2.41%	3.53%	3.12%	3.35%	2.10%	6.28%	7.51%	8.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	790.00
(-) Cash Dividends Paid (M)	421.00
(=) Cash Retained (M)	369.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	158.00	98.75	59.25
Cash Retained (M)	369.00	369.00	369.00
(-) Cash Required (M)	-158.00	-98.75	-59.25
(=) Excess Retained (M)	211.00	270.25	309.75
(/) Shares Outstanding (M)	688.96	688.96	688.96
(=) Excess Retained per Share	0.31	0.39	0.45
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.31	0.39	0.45
(=) Adjusted Dividend	0.92	1.00	1.06
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	-3.70%	-2.70%	-1.70%
Fair Value	$7.27	$8.75	$10.27
Upside / Downside	-32.21%	-18.37%	-4.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	790.00	768.71	747.99	727.83	708.21	689.13	709.80
Payout Ratio	53.29%	60.63%	67.97%	75.32%	82.66%	90.00%	92.50%
Projected Dividends (M)	421.00	466.09	508.44	548.18	585.40	620.21	656.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.46%	8.46%	8.46%
Growth Rate	-3.70%	-2.70%	-1.70%
Year 1 PV (M)	425.31	429.73	434.15
Year 2 PV (M)	423.37	432.21	441.14
Year 3 PV (M)	416.52	429.63	443.02
Year 4 PV (M)	405.89	423.01	440.67
Year 5 PV (M)	392.41	413.21	434.88
PV of Terminal Value (M)	7,606.59	8,009.80	8,429.93
Equity Value (M)	9,670.10	10,137.60	10,623.79
Shares Outstanding (M)	688.96	688.96	688.96
Fair Value	$14.04	$14.71	$15.42
Upside / Downside	30.93%	37.26%	43.84%

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Pearson plc (PSON.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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