DDM Analysis: LWI.L

Valuation Snapshot

Stable Growth	$1.35 - $1.99	$1.66
Multi-Stage	$2.12 - $2.32	$2.22
Blended Fair Value	$1.94
Current Price	$1.29
Upside	50.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.16%	6.14%	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.04	0.04
YoY Growth	-	-	4.88%	0.50%	1.33%	-0.19%	4.35%	12.75%	8.51%	9.42%	10.65%	10.08%
Dividend Yield	-	-	5.08%	5.44%	5.82%	4.57%	6.62%	4.53%	3.38%	3.16%	3.23%	3.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.56
(-) Cash Dividends Paid (M)	30.10
(=) Cash Retained (M)	16.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.31	5.82	3.49
Cash Retained (M)	16.46	16.46	16.46
(-) Cash Required (M)	-9.31	-5.82	-3.49
(=) Excess Retained (M)	7.15	10.64	12.97
(/) Shares Outstanding (M)	268.11	268.11	268.11
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	-0.85%	0.15%	1.15%
Fair Value	$1.35	$1.66	$1.99
Upside / Downside	4.97%	28.62%	54.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.56	46.63	46.70	46.77	46.84	46.91	48.32
Payout Ratio	64.65%	69.72%	74.79%	79.86%	84.93%	90.00%	92.50%
Projected Dividends (M)	30.10	32.51	34.92	37.35	39.78	42.22	44.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.32%	9.32%	9.32%
Growth Rate	-0.85%	0.15%	1.15%
Year 1 PV (M)	29.44	29.73	30.03
Year 2 PV (M)	28.64	29.22	29.81
Year 3 PV (M)	27.74	28.58	29.45
Year 4 PV (M)	26.75	27.85	28.98
Year 5 PV (M)	25.71	27.04	28.41
PV of Terminal Value (M)	430.42	452.56	475.61
Equity Value (M)	568.70	594.99	622.29
Shares Outstanding (M)	268.11	268.11	268.11
Fair Value	$2.12	$2.22	$2.32
Upside / Downside	64.43%	72.03%	79.92%

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Lowland Investment Company plc (LWI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener