DDM Analysis: DWHA.L

Valuation Snapshot

Stable Growth	$12.81 - $19.74	$16.03
Multi-Stage	$15.90 - $17.42	$16.65
Blended Fair Value	$16.34
Current Price	$5.55
Upside	194.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.17%	5.83%	0.16	0.17	0.19	0.17	0.17	0.16	0.14	0.13	0.15	0.10
YoY Growth	-	-	-5.65%	-9.97%	10.26%	5.61%	1.99%	12.93%	8.79%	-10.57%	49.09%	6.67%
Dividend Yield	-	-	2.84%	2.99%	3.41%	2.82%	2.85%	2.27%	2.39%	2.88%	3.65%	2.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10.47
(-) Cash Dividends Paid (M)	2.70
(=) Cash Retained (M)	7.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.09	1.31	0.79
Cash Retained (M)	7.77	7.77	7.77
(-) Cash Required (M)	-2.09	-1.31	-0.79
(=) Excess Retained (M)	5.68	6.46	6.98
(/) Shares Outstanding (M)	7.76	7.76	7.76
(=) Excess Retained per Share	0.73	0.83	0.90
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.73	0.83	0.90
(=) Adjusted Dividend	1.08	1.18	1.25
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	1.28%	2.28%	3.28%
Fair Value	$12.81	$16.03	$19.74
Upside / Downside	130.89%	188.90%	255.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10.47	10.71	10.96	11.21	11.46	11.73	12.08
Payout Ratio	25.82%	38.65%	51.49%	64.33%	77.16%	90.00%	92.50%
Projected Dividends (M)	2.70	4.14	5.64	7.21	8.85	10.55	11.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	1.28%	2.28%	3.28%
Year 1 PV (M)	3.73	3.77	3.81
Year 2 PV (M)	4.59	4.68	4.77
Year 3 PV (M)	5.29	5.44	5.61
Year 4 PV (M)	5.85	6.08	6.32
Year 5 PV (M)	6.29	6.61	6.94
PV of Terminal Value (M)	97.72	102.64	107.76
Equity Value (M)	123.47	129.23	135.21
Shares Outstanding (M)	7.76	7.76	7.76
Fair Value	$15.90	$16.65	$17.42
Upside / Downside	186.55%	199.92%	213.79%

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Dewhurst Group Plc (DWHA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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