DDM Analysis: 0W19.L

Valuation Snapshot

Stable Growth	$120.51 - $584.53	$258.77
Multi-Stage	$65.09 - $71.18	$68.08
Blended Fair Value	$163.43
Current Price	$61.80
Upside	164.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.11%	23.50%	1.51	1.10	1.00	0.00	0.70	0.60	0.45	0.27	0.23	0.18
YoY Growth	-	-	36.36%	10.00%	0.00%	-100.00%	16.67%	33.33%	65.03%	20.00%	25.00%	0.00%
Dividend Yield	-	-	3.25%	1.92%	1.59%	0.00%	1.40%	0.92%	1.47%	0.69%	1.02%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.40
(-) Cash Dividends Paid (M)	8.29
(=) Cash Retained (M)	16.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.88	3.05	1.83
Cash Retained (M)	16.10	16.10	16.10
(-) Cash Required (M)	-4.88	-3.05	-1.83
(=) Excess Retained (M)	11.22	13.05	14.27
(/) Shares Outstanding (M)	8.30	8.30	8.30
(=) Excess Retained per Share	1.35	1.57	1.72
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	1.35	1.57	1.72
(=) Adjusted Dividend	2.35	2.57	2.72
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.51	$258.77	$584.53
Upside / Downside	95.00%	318.72%	845.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.40	25.98	27.67	29.47	31.39	33.43	34.43
Payout Ratio	34.00%	45.20%	56.40%	67.60%	78.80%	90.00%	92.50%
Projected Dividends (M)	8.29	11.74	15.61	19.92	24.73	30.09	31.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.82	10.92	11.02
Year 2 PV (M)	13.24	13.49	13.75
Year 3 PV (M)	15.56	16.01	16.47
Year 4 PV (M)	17.80	18.48	19.18
Year 5 PV (M)	19.94	20.90	21.90
PV of Terminal Value (M)	462.99	485.35	508.57
Equity Value (M)	540.34	565.16	590.89
Shares Outstanding (M)	8.30	8.30	8.30
Fair Value	$65.09	$68.08	$71.18
Upside / Downside	5.33%	10.16%	15.18%

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Datagroup Se (0W19.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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