DDM Analysis: WTAN.L

Valuation Snapshot

Stable Growth	$4.22 - $6.07	$5.13
Multi-Stage	$6.62 - $7.28	$6.94
Blended Fair Value	$6.04
Current Price	$2.66
Upside	126.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	-0.68%	1.81%	0.06	0.06	0.07	0.08	0.07	0.06	0.06	0.05	0.05	0.04
YoY Growth	-	-	-4.11%	-4.69%	-14.00%	10.60%	11.19%	9.25%	5.09%	11.31%	8.38%	-10.63%
Dividend Yield	-	-	2.53%	2.82%	2.60%	3.30%	2.97%	3.20%	2.64%	3.00%	3.11%	2.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	390.30
(-) Cash Dividends Paid (M)	48.65
(=) Cash Retained (M)	341.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	78.06	48.79	29.27
Cash Retained (M)	341.65	341.65	341.65
(-) Cash Required (M)	-78.06	-48.79	-29.27
(=) Excess Retained (M)	263.59	292.86	312.38
(/) Shares Outstanding (M)	646.08	646.08	646.08
(=) Excess Retained per Share	0.41	0.45	0.48
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.41	0.45	0.48
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.22	$5.13	$6.07
Upside / Downside	58.83%	92.68%	128.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	390.30	386.40	382.54	378.71	374.92	371.17	382.31
Payout Ratio	12.46%	27.97%	43.48%	58.99%	74.49%	90.00%	92.50%
Projected Dividends (M)	48.65	108.08	166.32	223.39	279.29	334.06	353.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	97.97	98.97	99.97
Year 2 PV (M)	136.65	139.45	142.28
Year 3 PV (M)	166.36	171.50	176.75
Year 4 PV (M)	188.53	196.34	204.39
Year 5 PV (M)	204.39	215.03	226.11
PV of Terminal Value (M)	3,484.11	3,665.54	3,854.44
Equity Value (M)	4,278.00	4,486.83	4,703.95
Shares Outstanding (M)	646.08	646.08	646.08
Fair Value	$6.62	$6.94	$7.28
Upside / Downside	148.93%	161.08%	173.71%

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Witan Investment Trust plc (WTAN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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