DDM Analysis: NNGF.DE

Valuation Snapshot

Stable Growth	$21.57 - $52.49	$32.09
Multi-Stage	$42.02 - $46.19	$44.06
Blended Fair Value	$38.08
Current Price	$10.82
Upside	251.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.38	0.35	0.20	0.31	0.20	0.26	0.99	0.32	0.30
YoY Growth	-	-	-100.00%	6.91%	74.30%	-34.75%	58.41%	-23.10%	-74.15%	206.70%	9.42%	5.19%
Dividend Yield	-	-	0.00%	3.76%	3.50%	1.90%	3.89%	2.29%	2.95%	13.24%	3.16%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,681.00
(-) Cash Dividends Paid (M)	2,816.00
(=) Cash Retained (M)	1,865.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	936.20	585.13	351.08
Cash Retained (M)	1,865.00	1,865.00	1,865.00
(-) Cash Required (M)	-936.20	-585.13	-351.08
(=) Excess Retained (M)	928.80	1,279.88	1,513.93
(/) Shares Outstanding (M)	4,531.50	4,531.50	4,531.50
(=) Excess Retained per Share	0.20	0.28	0.33
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.20	0.28	0.33
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	5.12%	5.12%	5.12%
Growth Rate	1.24%	2.24%	3.24%
Fair Value	$21.57	$32.09	$52.49
Upside / Downside	99.32%	196.62%	385.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,681.00	4,785.98	4,893.31	5,003.04	5,115.24	5,229.96	5,386.86
Payout Ratio	60.16%	66.13%	72.09%	78.06%	84.03%	90.00%	92.50%
Projected Dividends (M)	2,816.00	3,164.80	3,527.82	3,905.54	4,298.42	4,706.96	4,982.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.12%	5.12%	5.12%
Growth Rate	1.24%	2.24%	3.24%
Year 1 PV (M)	2,981.15	3,010.59	3,040.04
Year 2 PV (M)	3,130.27	3,192.42	3,255.17
Year 3 PV (M)	3,264.33	3,362.02	3,461.63
Year 4 PV (M)	3,384.23	3,519.93	3,659.68
Year 5 PV (M)	3,490.84	3,666.68	3,849.53
PV of Terminal Value (M)	174,149.07	182,921.24	192,043.39
Equity Value (M)	190,399.89	199,672.88	209,309.44
Shares Outstanding (M)	4,531.50	4,531.50	4,531.50
Fair Value	$42.02	$44.06	$46.19
Upside / Downside	288.33%	307.24%	326.89%

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National Grid plc (NNGF.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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