DDM Analysis: CTUK.L

Valuation Snapshot

Stable Growth	$4.49 - $6.80	$5.58
Multi-Stage	$6.15 - $6.74	$6.44
Blended Fair Value	$6.01
Current Price	$3.18
Upside	88.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.01%	3.70%	0.12	0.13	0.12	0.12	0.12	0.11	0.11	0.10	0.10	0.09
YoY Growth	-	-	-0.85%	2.29%	0.87%	3.33%	4.51%	6.50%	5.69%	4.13%	4.64%	6.10%
Dividend Yield	-	-	3.73%	4.21%	4.38%	3.74%	4.73%	3.47%	3.22%	3.12%	3.35%	3.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.70
(-) Cash Dividends Paid (M)	22.45
(=) Cash Retained (M)	29.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.34	6.46	3.88
Cash Retained (M)	29.25	29.25	29.25
(-) Cash Required (M)	-10.34	-6.46	-3.88
(=) Excess Retained (M)	18.91	22.79	25.37
(/) Shares Outstanding (M)	102.10	102.10	102.10
(=) Excess Retained per Share	0.19	0.22	0.25
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.19	0.22	0.25
(=) Adjusted Dividend	0.41	0.44	0.47
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	0.50%	1.50%	2.50%
Fair Value	$4.49	$5.58	$6.80
Upside / Downside	41.31%	75.46%	113.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.70	52.47	53.25	54.05	54.86	55.68	57.35
Payout Ratio	43.42%	52.73%	62.05%	71.37%	80.68%	90.00%	92.50%
Projected Dividends (M)	22.45	27.67	33.04	38.57	44.26	50.11	53.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.55%	9.55%	9.55%
Growth Rate	0.50%	1.50%	2.50%
Year 1 PV (M)	25.01	25.26	25.51
Year 2 PV (M)	26.99	27.53	28.08
Year 3 PV (M)	28.48	29.34	30.21
Year 4 PV (M)	29.53	30.73	31.96
Year 5 PV (M)	30.22	31.75	33.35
PV of Terminal Value (M)	488.08	512.86	538.62
Equity Value (M)	628.31	657.46	687.72
Shares Outstanding (M)	102.10	102.10	102.10
Fair Value	$6.15	$6.44	$6.74
Upside / Downside	93.52%	102.49%	111.81%

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CT UK Capital And Income Investment Trust Plc (CTUK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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