DDM Analysis: N91.L

Valuation Snapshot

Stable Growth	$2.56 - $3.71	$3.12
Multi-Stage	$4.39 - $4.82	$4.60
Blended Fair Value	$3.86
Current Price	$1.44
Upside	168.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-10.23%	0.00%	0.12	0.13	0.15	0.14	0.06	0.21	0.16	0.14	0.13	0.00
YoY Growth	-	-	-7.43%	-11.06%	5.25%	129.50%	-70.69%	27.80%	15.78%	6.68%	0.00%	0.00%
Dividend Yield	-	-	8.42%	7.57%	7.96%	5.49%	2.55%	12.02%	10.78%	9.31%	8.72%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	314.00
(-) Cash Dividends Paid (M)	174.50
(=) Cash Retained (M)	139.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.80	39.25	23.55
Cash Retained (M)	139.50	139.50	139.50
(-) Cash Required (M)	-62.80	-39.25	-23.55
(=) Excess Retained (M)	76.70	100.25	115.95
(/) Shares Outstanding (M)	884.36	884.36	884.36
(=) Excess Retained per Share	0.09	0.11	0.13
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.09	0.11	0.13
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.56	$3.12	$3.71
Upside / Downside	77.98%	116.60%	157.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	314.00	310.86	307.75	304.67	301.63	298.61	307.57
Payout Ratio	55.57%	62.46%	69.34%	76.23%	83.11%	90.00%	92.50%
Projected Dividends (M)	174.50	194.16	213.41	232.25	250.70	268.75	284.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.86%	8.86%	8.86%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	176.55	178.35	180.16
Year 2 PV (M)	176.46	180.08	183.74
Year 3 PV (M)	174.63	180.03	185.54
Year 4 PV (M)	171.40	178.51	185.83
Year 5 PV (M)	167.09	175.79	184.85
PV of Terminal Value (M)	3,017.89	3,175.04	3,338.67
Equity Value (M)	3,884.02	4,067.80	4,258.78
Shares Outstanding (M)	884.36	884.36	884.36
Fair Value	$4.39	$4.60	$4.82
Upside / Downside	204.99%	219.42%	234.42%

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Ninety One Group (N91.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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