DDM Analysis: BMS.L

Valuation Snapshot

Stable Growth	$2.83 - $4.57	$3.61
Multi-Stage	$3.85 - $4.21	$4.02
Blended Fair Value	$3.82
Current Price	$2.66
Upside	43.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.49%	-1.20%	0.15	0.07	0.09	0.06	0.00	0.13	0.13	0.08	0.22	0.21
YoY Growth	-	-	125.29%	-23.51%	51.26%	0.00%	-100.00%	0.30%	55.21%	-62.15%	2.75%	23.33%
Dividend Yield	-	-	5.68%	2.52%	2.92%	2.42%	0.00%	8.43%	7.13%	3.35%	8.41%	5.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.38
(-) Cash Dividends Paid (M)	7.94
(=) Cash Retained (M)	1.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.88	1.17	0.70
Cash Retained (M)	1.44	1.44	1.44
(-) Cash Required (M)	-1.88	-1.17	-0.70
(=) Excess Retained (M)	-0.44	0.27	0.73
(/) Shares Outstanding (M)	36.36	36.36	36.36
(=) Excess Retained per Share	-0.01	0.01	0.02
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	-0.01	0.01	0.02
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	1.49%	2.49%	3.49%
Fair Value	$2.83	$3.61	$4.57
Upside / Downside	6.33%	35.79%	71.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.38	9.61	9.85	10.09	10.35	10.60	10.92
Payout Ratio	84.66%	85.73%	86.80%	87.86%	88.93%	90.00%	92.50%
Projected Dividends (M)	7.94	8.24	8.55	8.87	9.20	9.54	10.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	1.49%	2.49%	3.49%
Year 1 PV (M)	7.49	7.56	7.64
Year 2 PV (M)	7.07	7.21	7.35
Year 3 PV (M)	6.67	6.87	7.07
Year 4 PV (M)	6.29	6.54	6.80
Year 5 PV (M)	5.93	6.23	6.54
PV of Terminal Value (M)	106.56	111.91	117.48
Equity Value (M)	140.01	146.33	152.88
Shares Outstanding (M)	36.36	36.36	36.36
Fair Value	$3.85	$4.02	$4.21
Upside / Downside	44.78%	51.31%	58.09%

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Braemar Plc (BMS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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