DDM Analysis: ANCR.L

Valuation Snapshot

Stable Growth	$13.28 - $37.33	$20.66
Multi-Stage	$8.86 - $9.68	$9.26
Blended Fair Value	$14.96
Current Price	$2.94
Upside	408.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2017	2016
DPS	2.70%	9.51%	0.05	0.04	0.04	0.04	0.02	0.04	0.04	0.04	0.02	0.02
YoY Growth	-	-	14.18%	0.00%	10.03%	100.08%	-54.54%	10.04%	-14.74%	98.03%	10.83%	5.42%
Dividend Yield	-	-	1.91%	2.40%	1.79%	1.08%	0.93%	2.33%	2.47%	1.40%	0.61%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.08
(-) Cash Dividends Paid (M)	5.66
(=) Cash Retained (M)	29.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.02	4.38	2.63
Cash Retained (M)	29.41	29.41	29.41
(-) Cash Required (M)	-7.02	-4.38	-2.63
(=) Excess Retained (M)	22.40	25.03	26.78
(/) Shares Outstanding (M)	64.78	64.78	64.78
(=) Excess Retained per Share	0.35	0.39	0.41
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.35	0.39	0.41
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.28	$20.66	$37.33
Upside / Downside	351.54%	602.68%	1,169.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.08	37.35	39.78	42.37	45.12	48.06	49.50
Payout Ratio	16.15%	30.92%	45.69%	60.46%	75.23%	90.00%	92.50%
Projected Dividends (M)	5.66	11.55	18.18	25.62	33.95	43.25	45.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.94%	8.94%	8.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.50	10.60	10.70
Year 2 PV (M)	15.03	15.31	15.60
Year 3 PV (M)	19.26	19.81	20.37
Year 4 PV (M)	23.21	24.10	25.02
Year 5 PV (M)	26.89	28.18	29.53
PV of Terminal Value (M)	478.96	502.09	526.11
Equity Value (M)	573.84	600.10	627.34
Shares Outstanding (M)	64.78	64.78	64.78
Fair Value	$8.86	$9.26	$9.68
Upside / Downside	201.30%	215.09%	229.39%

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Animalcare Group plc (ANCR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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