DDM Analysis: TFIF.L

Valuation Snapshot

Stable Growth	$5.75 - $12.17	$8.15
Multi-Stage	$4.36 - $4.75	$4.55
Blended Fair Value	$6.35
Current Price	$1.14
Upside	457.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.54%	14.46%	0.10	0.10	0.06	0.04	0.04	0.04	0.04	0.04	0.03	0.03
YoY Growth	-	-	-3.71%	62.66%	45.89%	0.38%	2.04%	10.05%	4.52%	14.27%	27.79%	-1.83%
Dividend Yield	-	-	8.99%	9.96%	6.43%	4.12%	4.06%	4.89%	3.40%	3.12%	2.75%	2.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.16
(-) Cash Dividends Paid (M)	104.40
(=) Cash Retained (M)	122.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.43	28.39	17.04
Cash Retained (M)	122.76	122.76	122.76
(-) Cash Required (M)	-45.43	-28.39	-17.04
(=) Excess Retained (M)	77.33	94.36	105.72
(/) Shares Outstanding (M)	739.99	739.99	739.99
(=) Excess Retained per Share	0.10	0.13	0.14
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.10	0.13	0.14
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.75	$8.15	$12.17
Upside / Downside	404.14%	615.30%	967.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.16	241.92	257.65	274.39	292.23	311.22	320.56
Payout Ratio	45.96%	54.77%	63.58%	72.38%	81.19%	90.00%	92.50%
Projected Dividends (M)	104.40	132.49	163.80	198.62	237.27	280.10	296.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.31	120.44	121.57
Year 2 PV (M)	132.82	135.35	137.91
Year 3 PV (M)	145.03	149.19	153.43
Year 4 PV (M)	156.01	162.01	168.18
Year 5 PV (M)	165.85	173.86	182.18
PV of Terminal Value (M)	2,505.25	2,626.26	2,751.89
Equity Value (M)	3,224.27	3,367.10	3,515.15
Shares Outstanding (M)	739.99	739.99	739.99
Fair Value	$4.36	$4.55	$4.75
Upside / Downside	282.21%	299.14%	316.69%

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TwentyFour Income Fund Limited (TFIF.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener