DDM Analysis: TIFS.L

Valuation Snapshot

Stable Growth	$0.67 - $0.93	$0.80
Multi-Stage	$2.08 - $2.30	$2.19
Blended Fair Value	$1.49
Current Price	$2.33
Upside	-35.92%
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	-5.73%	-19.76%	0.04	0.02	0.01	0.04	0.00	0.05	0.02	0.00	0.00	0.00
YoY Growth	-	-	75.25%	57.14%	-67.42%	0.00%	-100.00%	107.11%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.65%	1.24%	0.93%	1.42%	0.00%	1.65%	1.35%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	115.80
(-) Cash Dividends Paid (M)	54.50
(=) Cash Retained (M)	61.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.16	14.48	8.69
Cash Retained (M)	61.30	61.30	61.30
(-) Cash Required (M)	-23.16	-14.48	-8.69
(=) Excess Retained (M)	38.14	46.83	52.62
(/) Shares Outstanding (M)	900.82	900.82	900.82
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.38%	6.38%	6.38%
Growth Rate	-7.73%	-6.73%	-5.73%
Fair Value	$0.67	$0.80	$0.93
Upside / Downside	-71.14%	-65.66%	-60.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	115.80	108.01	100.74	93.97	87.65	81.75	84.20
Payout Ratio	47.06%	55.65%	64.24%	72.83%	81.41%	90.00%	92.50%
Projected Dividends (M)	54.50	60.11	64.72	68.43	71.36	73.58	77.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.38%	6.38%	6.38%
Growth Rate	-7.73%	-6.73%	-5.73%
Year 1 PV (M)	55.90	56.50	57.11
Year 2 PV (M)	55.96	57.18	58.41
Year 3 PV (M)	55.03	56.84	58.68
Year 4 PV (M)	53.36	55.71	58.14
Year 5 PV (M)	51.16	53.99	56.95
PV of Terminal Value (M)	1,600.14	1,688.75	1,781.24
Equity Value (M)	1,871.54	1,968.97	2,070.53
Shares Outstanding (M)	900.82	900.82	900.82
Fair Value	$2.08	$2.19	$2.30
Upside / Downside	-10.83%	-6.19%	-1.35%

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TI Fluid Systems plc (TIFS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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