DDM Analysis: BILN.L

Valuation Snapshot

Stable Growth	$27.57 - $60.51	$39.62
Multi-Stage	$20.28 - $22.13	$21.18
Blended Fair Value	$30.40
Current Price	$5.00
Upside	508.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.76%	0.00%	0.32	0.14	0.03	0.04	0.00	0.12	0.11	0.09	0.06	0.03
YoY Growth	-	-	120.47%	423.42%	-29.51%	0.00%	-100.00%	13.00%	14.94%	63.28%	112.68%	0.00%
Dividend Yield	-	-	6.36%	3.17%	1.00%	1.66%	0.00%	3.33%	3.98%	3.21%	2.29%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.60
(-) Cash Dividends Paid (M)	6.09
(=) Cash Retained (M)	12.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.72	2.32	1.39
Cash Retained (M)	12.51	12.51	12.51
(-) Cash Required (M)	-3.72	-2.32	-1.39
(=) Excess Retained (M)	8.79	10.18	11.11
(/) Shares Outstanding (M)	13.18	13.18	13.18
(=) Excess Retained per Share	0.67	0.77	0.84
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.67	0.77	0.84
(=) Adjusted Dividend	1.13	1.23	1.30
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.57	$39.62	$60.51
Upside / Downside	451.44%	692.33%	1,110.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.60	19.81	21.09	22.46	23.92	25.48	26.24
Payout Ratio	32.74%	44.19%	55.65%	67.10%	78.55%	90.00%	92.50%
Projected Dividends (M)	6.09	8.75	11.74	15.07	18.79	22.93	24.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.90	7.97	8.05
Year 2 PV (M)	9.55	9.73	9.92
Year 3 PV (M)	11.06	11.38	11.70
Year 4 PV (M)	12.44	12.92	13.41
Year 5 PV (M)	13.70	14.36	15.04
PV of Terminal Value (M)	212.63	222.90	233.57
Equity Value (M)	267.28	279.26	291.69
Shares Outstanding (M)	13.18	13.18	13.18
Fair Value	$20.28	$21.18	$22.13
Upside / Downside	305.50%	323.69%	342.54%

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Billington Holdings Plc (BILN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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