DDM Analysis: JIM.L

Valuation Snapshot

Stable Growth	$1.76 - $2.79	$2.23
Multi-Stage	$3.50 - $3.84	$3.67
Blended Fair Value	$2.95
Current Price	$0.51
Upside	483.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.09	0.12	0.22	0.11	0.10	0.06	0.06	0.04	0.07
YoY Growth	-	-	-100.00%	-23.91%	-47.57%	102.87%	7.42%	67.83%	4.13%	33.77%	-34.66%	61.78%
Dividend Yield	-	-	0.00%	14.83%	7.06%	7.83%	4.89%	8.39%	5.17%	4.23%	5.09%	7.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.81
(-) Cash Dividends Paid (M)	5.37
(=) Cash Retained (M)	2.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.56	0.98	0.59
Cash Retained (M)	2.44	2.44	2.44
(-) Cash Required (M)	-1.56	-0.98	-0.59
(=) Excess Retained (M)	0.88	1.46	1.86
(/) Shares Outstanding (M)	44.73	44.73	44.73
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	-0.97%	0.03%	1.03%
Fair Value	$1.76	$2.23	$2.79
Upside / Downside	249.00%	341.90%	452.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.81	7.81	7.81	7.81	7.82	7.82	8.05
Payout Ratio	68.74%	72.99%	77.24%	81.50%	85.75%	90.00%	92.50%
Projected Dividends (M)	5.37	5.70	6.03	6.37	6.70	7.04	7.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	-0.97%	0.03%	1.03%
Year 1 PV (M)	5.28	5.33	5.39
Year 2 PV (M)	5.18	5.28	5.39
Year 3 PV (M)	5.06	5.22	5.38
Year 4 PV (M)	4.94	5.14	5.35
Year 5 PV (M)	4.80	5.05	5.30
PV of Terminal Value (M)	131.18	137.93	144.97
Equity Value (M)	156.43	163.95	171.77
Shares Outstanding (M)	44.73	44.73	44.73
Fair Value	$3.50	$3.67	$3.84
Upside / Downside	592.50%	625.80%	660.41%

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Jarvis Securities plc (JIM.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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