DDM Analysis: IHP.L

Valuation Snapshot

Stable Growth	$6.08 - $13.57	$8.79
Multi-Stage	$4.64 - $5.06	$4.84
Blended Fair Value	$6.82
Current Price	$3.06
Upside	122.77%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.49%	11.78%	0.10	0.10	0.10	0.09	0.08	0.09	0.09	0.04	0.03	0.02
YoY Growth	-	-	0.00%	0.00%	18.25%	8.95%	-12.24%	-3.16%	127.65%	40.08%	23.14%	-29.19%
Dividend Yield	-	-	2.75%	4.29%	4.62%	1.66%	1.55%	2.27%	2.42%	1.06%	0.76%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	101.20
(-) Cash Dividends Paid (M)	68.10
(=) Cash Retained (M)	33.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.24	12.65	7.59
Cash Retained (M)	33.10	33.10	33.10
(-) Cash Required (M)	-20.24	-12.65	-7.59
(=) Excess Retained (M)	12.86	20.45	25.51
(/) Shares Outstanding (M)	331.31	331.31	331.31
(=) Excess Retained per Share	0.04	0.06	0.08
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.04	0.06	0.08
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.08	$8.79	$13.57
Upside / Downside	98.76%	187.21%	343.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	101.20	107.78	114.78	122.24	130.19	138.65	142.81
Payout Ratio	67.29%	71.83%	76.38%	80.92%	85.46%	90.00%	92.50%
Projected Dividends (M)	68.10	77.42	87.67	98.92	111.26	124.79	132.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	69.89	70.55	71.21
Year 2 PV (M)	71.44	72.80	74.17
Year 3 PV (M)	72.76	74.85	76.98
Year 4 PV (M)	73.88	76.72	79.64
Year 5 PV (M)	74.80	78.41	82.16
PV of Terminal Value (M)	1,175.01	1,231.76	1,290.69
Equity Value (M)	1,537.77	1,605.09	1,674.85
Shares Outstanding (M)	331.31	331.31	331.31
Fair Value	$4.64	$4.84	$5.06
Upside / Downside	51.68%	58.32%	65.20%

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IntegraFin Holdings plc (IHP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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