DDM Analysis: 0R4W.L

Valuation Snapshot

Stable Growth	$4.26 - $6.13	$5.17
Multi-Stage	$10.31 - $11.38	$10.84
Blended Fair Value	$8.00
Current Price	$5.04
Upside	58.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-7.81%	12.61%	0.12	0.00	0.00	0.00	0.18	0.18	0.12	0.10	0.05	0.03
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-0.15%	49.96%	20.20%	100.00%	55.25%	-12.03%
Dividend Yield	-	-	2.38%	0.00%	0.00%	0.00%	4.34%	1.52%	0.47%	0.53%	0.21%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.38
(-) Cash Dividends Paid (M)	2.59
(=) Cash Retained (M)	10.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.68	1.67	1.00
Cash Retained (M)	10.79	10.79	10.79
(-) Cash Required (M)	-2.68	-1.67	-1.00
(=) Excess Retained (M)	8.11	9.12	9.79
(/) Shares Outstanding (M)	21.61	21.61	21.61
(=) Excess Retained per Share	0.38	0.42	0.45
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.38	0.42	0.45
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-4.34%	-3.34%	-2.34%
Fair Value	$4.26	$5.17	$6.13
Upside / Downside	-15.51%	2.59%	21.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.38	12.93	12.50	12.08	11.68	11.29	11.63
Payout Ratio	19.36%	33.49%	47.62%	61.74%	75.87%	90.00%	92.50%
Projected Dividends (M)	2.59	4.33	5.95	7.46	8.86	10.16	10.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-4.34%	-3.34%	-2.34%
Year 1 PV (M)	4.01	4.06	4.10
Year 2 PV (M)	5.11	5.22	5.33
Year 3 PV (M)	5.94	6.13	6.32
Year 4 PV (M)	6.54	6.82	7.10
Year 5 PV (M)	6.95	7.32	7.70
PV of Terminal Value (M)	194.32	204.69	215.50
Equity Value (M)	222.87	234.23	246.06
Shares Outstanding (M)	21.61	21.61	21.61
Fair Value	$10.31	$10.84	$11.38
Upside / Downside	104.60%	115.03%	125.88%

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Multitude SE (0R4W.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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