DDM Analysis: INVP.L

Valuation Snapshot

Stable Growth	$15.86 - $25.28	$20.14
Multi-Stage	$24.74 - $27.10	$25.90
Blended Fair Value	$23.02
Current Price	$5.56
Upside	313.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	2.64%	6.65%	0.37	0.34	0.35	0.30	0.13	0.32	0.27	0.26	0.25	0.21
YoY Growth	-	-	8.11%	-1.45%	14.95%	139.01%	-61.08%	18.27%	4.46%	5.22%	20.33%	6.84%
Dividend Yield	-	-	7.72%	6.44%	7.71%	5.99%	5.77%	21.36%	8.42%	6.72%	6.45%	5.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,315.94
(-) Cash Dividends Paid (M)	794.70
(=) Cash Retained (M)	521.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	263.19	164.49	98.70
Cash Retained (M)	521.25	521.25	521.25
(-) Cash Required (M)	-263.19	-164.49	-98.70
(=) Excess Retained (M)	258.06	356.75	422.55
(/) Shares Outstanding (M)	867.29	867.29	867.29
(=) Excess Retained per Share	0.30	0.41	0.49
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	0.30	0.41	0.49
(=) Adjusted Dividend	1.21	1.33	1.40
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	0.32%	1.32%	2.32%
Fair Value	$15.86	$20.14	$25.28
Upside / Downside	185.18%	262.18%	354.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,315.94	1,333.26	1,350.81	1,368.58	1,386.59	1,404.84	1,446.99
Payout Ratio	60.39%	66.31%	72.23%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	794.70	884.11	975.74	1,069.63	1,165.82	1,264.36	1,338.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.00%	8.00%	8.00%
Growth Rate	0.32%	1.32%	2.32%
Year 1 PV (M)	810.57	818.65	826.73
Year 2 PV (M)	820.17	836.61	853.20
Year 3 PV (M)	824.31	849.21	874.60
Year 4 PV (M)	823.71	857.05	891.39
Year 5 PV (M)	819.03	860.67	903.99
PV of Terminal Value (M)	17,355.40	18,237.86	19,155.85
Equity Value (M)	21,453.19	22,460.04	23,505.77
Shares Outstanding (M)	867.29	867.29	867.29
Fair Value	$24.74	$25.90	$27.10
Upside / Downside	344.89%	365.77%	387.46%

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Investec Group (INVP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener