DDM Analysis: BYG.L

Valuation Snapshot

Stable Growth	$46.53 - $120.63	$70.64
Multi-Stage	$32.84 - $35.84	$34.31
Blended Fair Value	$52.48
Current Price	$9.72
Upside	439.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	9.71%	12.25%	0.45	0.43	0.40	0.35	0.30	0.28	0.27	0.24	0.21	0.19
YoY Growth	-	-	3.85%	7.73%	15.20%	16.82%	5.57%	7.01%	12.72%	12.21%	12.94%	30.67%
Dividend Yield	-	-	4.84%	4.20%	3.45%	2.28%	2.69%	2.83%	2.66%	2.76%	2.87%	2.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.40
(-) Cash Dividends Paid (M)	178.31
(=) Cash Retained (M)	218.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.28	49.55	29.73
Cash Retained (M)	218.09	218.09	218.09
(-) Cash Required (M)	-79.28	-49.55	-29.73
(=) Excess Retained (M)	138.81	168.54	188.36
(/) Shares Outstanding (M)	196.15	196.15	196.15
(=) Excess Retained per Share	0.71	0.86	0.96
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	0.71	0.86	0.96
(=) Adjusted Dividend	1.62	1.77	1.87
WACC / Discount Rate	9.17%	9.17%	9.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.53	$70.64	$120.63
Upside / Downside	378.69%	626.79%	1,141.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.40	422.16	449.60	478.83	509.95	543.10	559.39
Payout Ratio	44.98%	53.99%	62.99%	71.99%	81.00%	90.00%	92.50%
Projected Dividends (M)	178.31	227.91	283.20	344.72	413.04	488.79	517.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.17%	9.17%	9.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	206.81	208.77	210.73
Year 2 PV (M)	233.20	237.64	242.13
Year 3 PV (M)	257.58	264.98	272.51
Year 4 PV (M)	280.07	290.84	301.92
Year 5 PV (M)	300.75	315.27	330.36
PV of Terminal Value (M)	5,163.58	5,412.98	5,671.93
Equity Value (M)	6,442.00	6,730.49	7,029.58
Shares Outstanding (M)	196.15	196.15	196.15
Fair Value	$32.84	$34.31	$35.84
Upside / Downside	237.88%	253.01%	268.70%

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Big Yellow Group Plc (BYG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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