DDM Analysis: NWOR.L

Valuation Snapshot

Stable Growth	$0.13 - $0.18	$0.15
Multi-Stage	$0.20 - $0.22	$0.21
Blended Fair Value	$0.18
Current Price	$0.22
Upside	-17.62%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	42.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.33%	3.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.20
(-) Cash Dividends Paid (M)	3.40
(=) Cash Retained (M)	1.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.04	0.65	0.39
Cash Retained (M)	1.80	1.80	1.80
(-) Cash Required (M)	-1.04	-0.65	-0.39
(=) Excess Retained (M)	0.76	1.15	1.41
(/) Shares Outstanding (M)	269.42	269.42	269.42
(=) Excess Retained per Share	0.00	0.00	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.00	0.00	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.13	$0.15	$0.18
Upside / Downside	-43.03%	-31.29%	-19.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.20	5.15	5.10	5.05	5.00	4.95	5.09
Payout Ratio	65.38%	70.31%	75.23%	80.15%	85.08%	90.00%	92.50%
Projected Dividends (M)	3.40	3.62	3.83	4.04	4.25	4.45	4.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.26	3.29	3.33
Year 2 PV (M)	3.11	3.17	3.24
Year 3 PV (M)	2.95	3.05	3.14
Year 4 PV (M)	2.80	2.91	3.03
Year 5 PV (M)	2.64	2.77	2.92
PV of Terminal Value (M)	40.40	42.50	44.69
Equity Value (M)	55.16	57.70	60.34
Shares Outstanding (M)	269.42	269.42	269.42
Fair Value	$0.20	$0.21	$0.22
Upside / Downside	-8.20%	-3.96%	0.44%

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National World Plc (NWOR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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