DDM Analysis: SOLI.L

Valuation Snapshot

Stable Growth	$6.49 - $17.51	$9.97
Multi-Stage	$4.54 - $4.95	$4.74
Blended Fair Value	$7.36
Current Price	$1.68
Upside	337.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.94%	10.09%	0.06	0.07	0.06	0.04	0.03	0.03	0.03	0.03	0.03	0.03
YoY Growth	-	-	-8.74%	3.89%	53.82%	35.92%	-7.29%	11.29%	1.77%	-0.78%	3.53%	22.29%
Dividend Yield	-	-	3.67%	2.51%	3.01%	1.81%	1.88%	4.38%	3.97%	3.87%	3.46%	3.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.38
(-) Cash Dividends Paid (M)	4.44
(=) Cash Retained (M)	4.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.88	1.17	0.70
Cash Retained (M)	4.94	4.94	4.94
(-) Cash Required (M)	-1.88	-1.17	-0.70
(=) Excess Retained (M)	3.07	3.77	4.24
(/) Shares Outstanding (M)	34.40	34.40	34.40
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.49	$9.97	$17.51
Upside / Downside	286.17%	493.65%	942.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.38	9.99	10.64	11.34	12.07	12.86	13.24
Payout Ratio	47.33%	55.86%	64.40%	72.93%	81.47%	90.00%	92.50%
Projected Dividends (M)	4.44	5.58	6.85	8.27	9.83	11.57	12.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5.07	5.12	5.17
Year 2 PV (M)	5.66	5.76	5.87
Year 3 PV (M)	6.20	6.37	6.56
Year 4 PV (M)	6.70	6.95	7.22
Year 5 PV (M)	7.16	7.50	7.86
PV of Terminal Value (M)	125.27	131.32	137.60
Equity Value (M)	156.04	163.03	170.28
Shares Outstanding (M)	34.40	34.40	34.40
Fair Value	$4.54	$4.74	$4.95
Upside / Downside	170.03%	182.12%	194.66%

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Solid State plc (SOLI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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