DDM Analysis: DNA2.L

Valuation Snapshot

Stable Growth	$6.41 - $9.22	$7.78
Multi-Stage	$11.81 - $12.97	$12.38
Blended Fair Value	$10.08
Current Price	$1.18
Upside	754.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.47%	-0.74%	0.22	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24
YoY Growth	-	-	-7.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	18.51%	23.28%	32.44%	30.94%	36.18%	12.64%	10.99%	10.74%	10.99%	9.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.66
(-) Cash Dividends Paid (M)	59.97
(=) Cash Retained (M)	61.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.33	15.21	9.12
Cash Retained (M)	61.69	61.69	61.69
(-) Cash Required (M)	-24.33	-15.21	-9.12
(=) Excess Retained (M)	37.36	46.48	52.57
(/) Shares Outstanding (M)	132.23	132.23	132.23
(=) Excess Retained per Share	0.28	0.35	0.40
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.28	0.35	0.40
(=) Adjusted Dividend	0.74	0.81	0.85
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.74%	-1.74%	-0.74%
Fair Value	$6.41	$7.78	$9.22
Upside / Downside	443.56%	559.74%	681.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.66	119.54	117.47	115.42	113.42	111.45	114.79
Payout Ratio	49.29%	57.43%	65.58%	73.72%	81.86%	90.00%	92.50%
Projected Dividends (M)	59.97	68.66	77.03	85.09	92.84	100.30	106.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-2.74%	-1.74%	-0.74%
Year 1 PV (M)	62.68	63.33	63.97
Year 2 PV (M)	64.20	65.53	66.87
Year 3 PV (M)	64.74	66.76	68.82
Year 4 PV (M)	64.49	67.18	69.96
Year 5 PV (M)	63.60	66.94	70.42
PV of Terminal Value (M)	1,241.49	1,306.64	1,374.49
Equity Value (M)	1,561.20	1,636.37	1,714.52
Shares Outstanding (M)	132.23	132.23	132.23
Fair Value	$11.81	$12.38	$12.97
Upside / Downside	900.60%	948.78%	998.86%

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Doric Nimrod Air Two Limited (DNA2.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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