DDM Analysis: PHLL.L

Valuation Snapshot

Stable Growth	$8.04 - $11.87	$9.87
Multi-Stage	$15.06 - $16.53	$15.78
Blended Fair Value	$12.83
Current Price	$3.06
Upside	319.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.36	0.15	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	146.57%	156.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	11.55%	6.72%	2.78%	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)	1,267.28
(-) Cash Dividends Paid (M)	761.36
(=) Cash Retained (M)	505.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	253.46	158.41	95.05
Cash Retained (M)	505.91	505.91	505.91
(-) Cash Required (M)	-253.46	-158.41	-95.05
(=) Excess Retained (M)	252.46	347.50	410.87
(/) Shares Outstanding (M)	1,241.16	1,241.16	1,241.16
(=) Excess Retained per Share	0.20	0.28	0.33
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.20	0.28	0.33
(=) Adjusted Dividend	0.82	0.89	0.94
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$8.04	$9.87	$11.87
Upside / Downside	162.72%	222.69%	287.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,267.28	1,254.61	1,242.06	1,229.64	1,217.34	1,205.17	1,241.32
Payout Ratio	60.08%	66.06%	72.05%	78.03%	84.02%	90.00%	92.50%
Projected Dividends (M)	761.36	828.83	894.87	959.51	1,022.76	1,084.65	1,148.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.96%	7.96%	7.96%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	759.98	767.74	775.49
Year 2 PV (M)	752.38	767.81	783.40
Year 3 PV (M)	739.71	762.59	785.93
Year 4 PV (M)	722.98	752.95	783.83
Year 5 PV (M)	703.04	739.65	777.77
PV of Terminal Value (M)	15,012.93	15,794.69	16,608.68
Equity Value (M)	18,691.04	19,585.43	20,515.11
Shares Outstanding (M)	1,241.16	1,241.16	1,241.16
Fair Value	$15.06	$15.78	$16.53
Upside / Downside	392.13%	415.68%	440.16%

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Petershill Partners PLC (PHLL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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