DDM Analysis: LSEG.L

Valuation Snapshot

Stable Growth	$95.00 - $445.08	$167.62
Multi-Stage	$59.17 - $64.62	$61.85
Blended Fair Value	$114.73
Current Price	$106.35
Upside	7.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.77%	23.96%	1.16	1.10	1.02	0.77	0.46	0.40	0.34	0.29	0.23	0.21
YoY Growth	-	-	5.07%	7.76%	33.10%	65.76%	16.29%	16.93%	18.87%	22.31%	12.55%	54.14%
Dividend Yield	-	-	1.03%	1.20%	1.43%	1.11%	0.51%	0.51%	0.84%	0.77%	0.80%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,669.00
(-) Cash Dividends Paid (M)	838.00
(=) Cash Retained (M)	831.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	333.80	208.63	125.18
Cash Retained (M)	831.00	831.00	831.00
(-) Cash Required (M)	-333.80	-208.63	-125.18
(=) Excess Retained (M)	497.20	622.38	705.83
(/) Shares Outstanding (M)	554.99	554.99	554.99
(=) Excess Retained per Share	0.90	1.12	1.27
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	0.90	1.12	1.27
(=) Adjusted Dividend	2.41	2.63	2.78
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.00	$167.62	$445.08
Upside / Downside	-10.68%	57.61%	318.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,669.00	1,777.49	1,893.02	2,016.07	2,147.11	2,286.67	2,355.27
Payout Ratio	50.21%	58.17%	66.13%	74.08%	82.04%	90.00%	92.50%
Projected Dividends (M)	838.00	1,033.92	1,251.78	1,493.58	1,761.53	2,058.01	2,178.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.17%	8.17%	8.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	946.84	955.82	964.79
Year 2 PV (M)	1,049.79	1,069.79	1,089.97
Year 3 PV (M)	1,147.08	1,180.01	1,213.56
Year 4 PV (M)	1,238.92	1,286.57	1,335.58
Year 5 PV (M)	1,325.53	1,389.55	1,456.03
PV of Terminal Value (M)	27,131.82	28,442.29	29,802.93
Equity Value (M)	32,839.99	34,324.03	35,862.86
Shares Outstanding (M)	554.99	554.99	554.99
Fair Value	$59.17	$61.85	$64.62
Upside / Downside	-44.36%	-41.85%	-39.24%

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London Stock Exchange Group plc (LSEG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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