DDM Analysis: IGG.L

Valuation Snapshot

Stable Growth	$61.24 - $171.17	$95.13
Multi-Stage	$42.43 - $46.36	$44.36
Blended Fair Value	$69.74
Current Price	$11.22
Upside	521.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.96%	4.00%	0.44	0.47	0.50	0.49	0.42	0.42	0.45	0.32	0.31	0.27
YoY Growth	-	-	-6.34%	-5.21%	1.02%	16.59%	0.31%	-6.95%	43.06%	0.76%	15.13%	-8.60%
Dividend Yield	-	-	3.92%	5.80%	7.38%	6.85%	4.82%	5.30%	8.24%	3.64%	5.36%	3.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	953.01
(-) Cash Dividends Paid (M)	296.20
(=) Cash Retained (M)	656.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	190.60	119.13	71.48
Cash Retained (M)	656.81	656.81	656.81
(-) Cash Required (M)	-190.60	-119.13	-71.48
(=) Excess Retained (M)	466.21	537.69	585.34
(/) Shares Outstanding (M)	379.45	379.45	379.45
(=) Excess Retained per Share	1.23	1.42	1.54
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	1.23	1.42	1.54
(=) Adjusted Dividend	2.01	2.20	2.32
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.37%	6.37%	7.37%
Fair Value	$61.24	$95.13	$171.17
Upside / Downside	445.79%	747.85%	1,425.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	953.01	1,013.72	1,078.30	1,147.00	1,220.07	1,297.79	1,336.72
Payout Ratio	31.08%	42.86%	54.65%	66.43%	78.22%	90.00%	92.50%
Projected Dividends (M)	296.20	434.53	589.27	761.97	954.29	1,168.01	1,236.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	5.37%	6.37%	7.37%
Year 1 PV (M)	395.52	399.28	403.03
Year 2 PV (M)	488.24	497.55	506.95
Year 3 PV (M)	574.66	591.18	608.01
Year 4 PV (M)	655.11	680.33	706.28
Year 5 PV (M)	729.86	765.15	801.80
PV of Terminal Value (M)	13,257.69	13,898.84	14,564.57
Equity Value (M)	16,101.08	16,832.34	17,590.64
Shares Outstanding (M)	379.45	379.45	379.45
Fair Value	$42.43	$44.36	$46.36
Upside / Downside	278.19%	295.36%	313.17%

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IG Group Holdings plc (IGG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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