DDM Analysis: UPR.IR

Valuation Snapshot

Stable Growth	$34.86 - $81.75	$76.61
Multi-Stage	$11.84 - $12.97	$12.39
Blended Fair Value	$44.50
Current Price	$3.75
Upside	1,086.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.02	0.02	0.02	0.02	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	5.05%	3.56%	-18.58%	187.56%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.88%	0.66%	0.56%	0.42%	0.31%	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)	111.31
(-) Cash Dividends Paid (M)	10.07
(=) Cash Retained (M)	101.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.26	13.91	8.35
Cash Retained (M)	101.24	101.24	101.24
(-) Cash Required (M)	-22.26	-13.91	-8.35
(=) Excess Retained (M)	78.98	87.33	92.90
(/) Shares Outstanding (M)	270.79	270.79	270.79
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$34.86	$76.61	$81.75
Upside / Downside	829.70%	1,943.00%	2,080.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	111.31	118.55	126.25	134.46	143.20	152.51	157.08
Payout Ratio	9.04%	25.24%	41.43%	57.62%	73.81%	90.00%	92.50%
Projected Dividends (M)	10.07	29.92	52.30	77.47	105.69	137.26	145.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.83	28.09	28.36
Year 2 PV (M)	45.26	46.12	46.99
Year 3 PV (M)	62.35	64.14	65.97
Year 4 PV (M)	79.13	82.17	85.30
Year 5 PV (M)	95.59	100.20	105.00
PV of Terminal Value (M)	2,895.15	3,034.98	3,180.17
Equity Value (M)	3,205.30	3,355.71	3,511.78
Shares Outstanding (M)	270.79	270.79	270.79
Fair Value	$11.84	$12.39	$12.97
Upside / Downside	215.65%	230.46%	245.83%

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Uniphar plc (UPR.IR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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