DDM Analysis: DTY.L

Valuation Snapshot

Stable Growth	$9.79 - $14.15	$11.92
Multi-Stage	$16.15 - $17.74	$16.93
Blended Fair Value	$14.42
Current Price	$4.15
Upside	247.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	0.00	0.00	0.00	0.16	0.24	0.24	0.22	0.20	0.20	0.12
YoY Growth	-	-	0.00%	0.00%	-100.00%	-35.25%	0.00%	10.91%	10.00%	2.04%	58.06%	-25.30%
Dividend Yield	-	-	0.00%	0.00%	0.00%	2.70%	3.50%	1.34%	0.89%	0.78%	1.03%	0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.10
(-) Cash Dividends Paid (M)	20.10
(=) Cash Retained (M)	48.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.62	8.51	5.11
Cash Retained (M)	48.00	48.00	48.00
(-) Cash Required (M)	-13.62	-8.51	-5.11
(=) Excess Retained (M)	34.38	39.49	42.89
(/) Shares Outstanding (M)	50.00	50.00	50.00
(=) Excess Retained per Share	0.69	0.79	0.86
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.69	0.79	0.86
(=) Adjusted Dividend	1.09	1.19	1.26
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.79	$11.92	$14.15
Upside / Downside	136.02%	187.12%	241.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.10	67.42	66.74	66.08	65.42	64.76	66.71
Payout Ratio	29.52%	41.61%	53.71%	65.81%	77.90%	90.00%	92.50%
Projected Dividends (M)	20.10	28.05	35.85	43.48	50.96	58.29	61.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	25.50	25.76	26.02
Year 2 PV (M)	29.62	30.23	30.84
Year 3 PV (M)	32.66	33.67	34.70
Year 4 PV (M)	34.79	36.23	37.72
Year 5 PV (M)	36.17	38.05	40.01
PV of Terminal Value (M)	648.78	682.57	717.74
Equity Value (M)	807.52	846.51	887.04
Shares Outstanding (M)	50.00	50.00	50.00
Fair Value	$16.15	$16.93	$17.74
Upside / Downside	289.17%	307.96%	327.49%

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Dignity plc (DTY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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