DDM Analysis: AAS.L

Valuation Snapshot

Stable Growth	$5.53 - $7.91	$6.70
Multi-Stage	$8.55 - $9.40	$8.97
Blended Fair Value	$7.83
Current Price	$3.43
Upside	128.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.65%	8.35%	0.07	0.06	0.08	0.08	0.04	0.04	0.04	0.03	0.02	0.04
YoY Growth	-	-	11.25%	-20.89%	-0.03%	107.78%	-5.09%	8.30%	6.74%	47.35%	-33.27%	13.10%
Dividend Yield	-	-	2.03%	2.25%	3.00%	3.10%	1.43%	2.07%	1.63%	1.69%	1.09%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	127.26
(-) Cash Dividends Paid (M)	16.35
(=) Cash Retained (M)	110.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.45	15.91	9.54
Cash Retained (M)	110.91	110.91	110.91
(-) Cash Required (M)	-25.45	-15.91	-9.54
(=) Excess Retained (M)	85.46	95.01	101.37
(/) Shares Outstanding (M)	158.70	158.70	158.70
(=) Excess Retained per Share	0.54	0.60	0.64
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.54	0.60	0.64
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.53	$6.70	$7.91
Upside / Downside	61.18%	95.26%	130.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	127.26	125.99	124.73	123.48	122.25	121.02	124.65
Payout Ratio	12.84%	28.28%	43.71%	59.14%	74.57%	90.00%	92.50%
Projected Dividends (M)	16.35	35.62	54.51	73.02	91.16	108.92	115.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	32.24	32.57	32.90
Year 2 PV (M)	44.66	45.57	46.50
Year 3 PV (M)	54.14	55.82	57.52
Year 4 PV (M)	61.17	63.71	66.32
Year 5 PV (M)	66.15	69.60	73.18
PV of Terminal Value (M)	1,099.16	1,156.39	1,215.99
Equity Value (M)	1,357.52	1,423.66	1,492.41
Shares Outstanding (M)	158.70	158.70	158.70
Fair Value	$8.55	$8.97	$9.40
Upside / Downside	149.38%	161.53%	174.16%

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abrdn Asia Focus plc (AAS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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