DDM Analysis: MEGP.L

Valuation Snapshot

Stable Growth	$4.99 - $10.07	$6.96
Multi-Stage	$4.92 - $5.38	$5.15
Blended Fair Value	$6.06
Current Price	$2.02
Upside	199.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2020	2019	2018	2017	2016
DPS	-2.68%	2.68%	0.07	0.06	0.09	0.00	0.08	0.08	0.08	0.07	0.09	0.05
YoY Growth	-	-	18.76%	-33.96%	0.00%	-100.00%	0.00%	0.07%	20.38%	-18.85%	79.11%	-14.80%
Dividend Yield	-	-	3.44%	4.41%	10.08%	0.00%	17.15%	17.96%	9.22%	4.36%	5.06%	2.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	109.96
(-) Cash Dividends Paid (M)	52.19
(=) Cash Retained (M)	57.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.99	13.74	8.25
Cash Retained (M)	57.77	57.77	57.77
(-) Cash Required (M)	-21.99	-13.74	-8.25
(=) Excess Retained (M)	35.78	44.03	49.53
(/) Shares Outstanding (M)	379.50	379.50	379.50
(=) Excess Retained per Share	0.09	0.12	0.13
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.09	0.12	0.13
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	3.68%	4.68%	5.68%
Fair Value	$4.99	$6.96	$10.07
Upside / Downside	147.28%	244.71%	398.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	109.96	115.10	120.49	126.13	132.03	138.21	142.36
Payout Ratio	47.46%	55.97%	64.48%	72.98%	81.49%	90.00%	92.50%
Projected Dividends (M)	52.19	64.42	77.69	92.05	107.60	124.39	131.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.49%	8.49%	8.49%
Growth Rate	3.68%	4.68%	5.68%
Year 1 PV (M)	58.81	59.38	59.95
Year 2 PV (M)	64.75	66.00	67.27
Year 3 PV (M)	70.04	72.09	74.17
Year 4 PV (M)	74.74	77.66	80.67
Year 5 PV (M)	78.88	82.76	86.79
PV of Terminal Value (M)	1,520.70	1,595.47	1,673.14
Equity Value (M)	1,867.92	1,953.36	2,042.00
Shares Outstanding (M)	379.50	379.50	379.50
Fair Value	$4.92	$5.15	$5.38
Upside / Downside	143.67%	154.81%	166.37%

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ME Group International plc (MEGP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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