DDM Analysis: 3IN.L

Valuation Snapshot

Stable Growth	$14.01 - $30.05	$19.97
Multi-Stage	$10.39 - $11.33	$10.85
Blended Fair Value	$15.41
Current Price	$3.19
Upside	383.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.26%	6.66%	0.12	0.11	0.11	0.10	0.09	0.08	0.07	0.55	0.07	0.23
YoY Growth	-	-	6.60%	9.28%	7.78%	5.88%	11.84%	13.43%	-86.71%	646.67%	-67.93%	254.97%
Dividend Yield	-	-	3.84%	3.53%	3.36%	2.80%	3.10%	3.32%	2.63%	25.53%	3.87%	13.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	680.00
(-) Cash Dividends Paid (M)	219.00
(=) Cash Retained (M)	461.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	136.00	85.00	51.00
Cash Retained (M)	461.00	461.00	461.00
(-) Cash Required (M)	-136.00	-85.00	-51.00
(=) Excess Retained (M)	325.00	376.00	410.00
(/) Shares Outstanding (M)	922.40	922.40	922.40
(=) Excess Retained per Share	0.35	0.41	0.44
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.35	0.41	0.44
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.01	$19.97	$30.05
Upside / Downside	339.31%	526.07%	841.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	680.00	724.20	771.27	821.41	874.80	931.66	959.61
Payout Ratio	32.21%	43.76%	55.32%	66.88%	78.44%	90.00%	92.50%
Projected Dividends (M)	219.00	316.94	426.70	549.38	686.20	838.49	887.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	285.58	288.29	291.00
Year 2 PV (M)	346.43	353.03	359.69
Year 3 PV (M)	401.90	413.43	425.19
Year 4 PV (M)	452.32	469.71	487.60
Year 5 PV (M)	498.01	522.06	547.04
PV of Terminal Value (M)	7,596.73	7,963.65	8,344.62
Equity Value (M)	9,580.96	10,010.18	10,455.14
Shares Outstanding (M)	922.40	922.40	922.40
Fair Value	$10.39	$10.85	$11.33
Upside / Downside	225.61%	240.20%	255.32%

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3i Infrastructure plc (3IN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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