DDM Analysis: AEWU.L

Valuation Snapshot

Stable Growth	$1.28 - $1.81	$1.54
Multi-Stage	$2.03 - $2.22	$2.12
Blended Fair Value	$1.83
Current Price	$1.09
Upside	67.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.92%	0.00%	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.07	0.06	0.02
YoY Growth	-	-	2.42%	-4.34%	3.30%	-1.20%	4.67%	0.01%	11.21%	13.02%	180.16%	0.00%
Dividend Yield	-	-	7.93%	9.18%	8.88%	6.60%	9.63%	11.22%	8.25%	7.18%	6.09%	2.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.94
(-) Cash Dividends Paid (M)	18.75
(=) Cash Retained (M)	12.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.19	3.87	2.32
Cash Retained (M)	12.20	12.20	12.20
(-) Cash Required (M)	-6.19	-3.87	-2.32
(=) Excess Retained (M)	6.01	8.33	9.88
(/) Shares Outstanding (M)	158.42	158.42	158.42
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.28	$1.54	$1.81
Upside / Downside	17.07%	41.12%	65.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.94	30.63	30.33	30.02	29.72	29.43	30.31
Payout Ratio	60.58%	66.46%	72.35%	78.23%	84.12%	90.00%	92.50%
Projected Dividends (M)	18.75	20.36	21.94	23.49	25.00	26.48	28.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.32	18.51	18.70
Year 2 PV (M)	17.77	18.13	18.50
Year 3 PV (M)	17.12	17.65	18.19
Year 4 PV (M)	16.40	17.08	17.78
Year 5 PV (M)	15.63	16.44	17.29
PV of Terminal Value (M)	236.39	248.70	261.51
Equity Value (M)	321.63	336.51	351.97
Shares Outstanding (M)	158.42	158.42	158.42
Fair Value	$2.03	$2.12	$2.22
Upside / Downside	86.25%	94.87%	103.82%

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AEW UK REIT plc (AEWU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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