DDM Analysis: NAIT.L

Valuation Snapshot

Stable Growth	$9.48 - $16.53	$12.49
Multi-Stage	$9.75 - $10.66	$10.20
Blended Fair Value	$11.35
Current Price	$3.41
Upside	232.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.90%	5.35%	0.12	0.15	0.12	0.11	0.11	0.09	0.09	0.08	0.08	0.08
YoY Growth	-	-	-18.39%	19.31%	11.33%	4.30%	12.33%	8.79%	7.65%	6.31%	0.34%	6.13%
Dividend Yield	-	-	3.43%	5.05%	3.99%	3.88%	4.50%	3.23%	3.21%	3.08%	3.06%	4.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.41
(-) Cash Dividends Paid (M)	34.92
(=) Cash Retained (M)	58.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.68	11.68	7.01
Cash Retained (M)	58.49	58.49	58.49
(-) Cash Required (M)	-18.68	-11.68	-7.01
(=) Excess Retained (M)	39.81	46.81	51.48
(/) Shares Outstanding (M)	132.03	132.03	132.03
(=) Excess Retained per Share	0.30	0.35	0.39
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.30	0.35	0.39
(=) Adjusted Dividend	0.57	0.62	0.65
WACC / Discount Rate	9.52%	9.52%	9.52%
Growth Rate	3.35%	4.35%	5.35%
Fair Value	$9.48	$12.49	$16.53
Upside / Downside	177.96%	266.32%	384.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.41	97.47	101.71	106.14	110.75	115.57	119.04
Payout Ratio	37.38%	47.91%	58.43%	68.95%	79.48%	90.00%	92.50%
Projected Dividends (M)	34.92	46.70	59.43	73.19	88.02	104.01	110.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.52%	9.52%	9.52%
Growth Rate	3.35%	4.35%	5.35%
Year 1 PV (M)	42.23	42.64	43.05
Year 2 PV (M)	48.60	49.55	50.50
Year 3 PV (M)	54.12	55.71	57.33
Year 4 PV (M)	58.87	61.18	63.56
Year 5 PV (M)	62.91	66.01	69.23
PV of Terminal Value (M)	1,021.13	1,071.50	1,123.83
Equity Value (M)	1,287.86	1,346.58	1,407.50
Shares Outstanding (M)	132.03	132.03	132.03
Fair Value	$9.75	$10.20	$10.66
Upside / Downside	186.04%	199.09%	212.62%

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The North American Income Trust plc (NAIT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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