DDM Analysis: PCGH.L

Valuation Snapshot

Stable Growth	$1.19 - $1.69	$1.44
Multi-Stage	$1.78 - $1.95	$1.86
Blended Fair Value	$1.65
Current Price	$3.31
Upside	-50.08%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.56%	-3.38%	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.04	0.04
YoY Growth	-	-	14.25%	4.99%	0.00%	-4.75%	4.26%	-0.41%	-35.36%	-20.34%	9.32%	6.14%
Dividend Yield	-	-	0.64%	0.66%	0.64%	0.69%	0.90%	0.92%	0.91%	1.58%	2.01%	2.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.17
(-) Cash Dividends Paid (M)	4.12
(=) Cash Retained (M)	18.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.43	2.77	1.66
Cash Retained (M)	18.05	18.05	18.05
(-) Cash Required (M)	-4.43	-2.77	-1.66
(=) Excess Retained (M)	13.62	15.28	16.39
(/) Shares Outstanding (M)	121.27	121.27	121.27
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.19	$1.44	$1.69
Upside / Downside	-63.90%	-56.48%	-48.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.17	21.95	21.73	21.52	21.30	21.09	21.72
Payout Ratio	18.59%	32.88%	47.16%	61.44%	75.72%	90.00%	92.50%
Projected Dividends (M)	4.12	7.22	10.25	13.22	16.13	18.98	20.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.49	6.56	6.63
Year 2 PV (M)	8.30	8.47	8.64
Year 3 PV (M)	9.63	9.93	10.24
Year 4 PV (M)	10.58	11.02	11.47
Year 5 PV (M)	11.20	11.79	12.39
PV of Terminal Value (M)	169.51	178.33	187.52
Equity Value (M)	215.72	226.10	236.89
Shares Outstanding (M)	121.27	121.27	121.27
Fair Value	$1.78	$1.86	$1.95
Upside / Downside	-46.26%	-43.67%	-40.98%

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Polar Capital Global Healthcare Trust plc (PCGH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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