DDM Analysis: BUT.L

Valuation Snapshot

Stable Growth	$33.21 - $55.02	$42.86
Multi-Stage	$35.58 - $38.96	$37.24
Blended Fair Value	$40.05
Current Price	$13.90
Upside	188.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.85%	4.73%	0.23	0.22	0.21	0.20	0.20	0.19	0.18	0.16	0.16	0.15
YoY Growth	-	-	4.93%	5.94%	4.62%	0.60%	3.25%	10.06%	8.50%	3.90%	1.17%	4.72%
Dividend Yield	-	-	1.60%	2.09%	2.06%	1.91%	2.37%	2.24%	2.35%	2.06%	2.63%	2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.02
(-) Cash Dividends Paid (M)	17.53
(=) Cash Retained (M)	102.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.00	15.00	9.00
Cash Retained (M)	102.49	102.49	102.49
(-) Cash Required (M)	-24.00	-15.00	-9.00
(=) Excess Retained (M)	78.49	87.49	93.49
(/) Shares Outstanding (M)	42.84	42.84	42.84
(=) Excess Retained per Share	1.83	2.04	2.18
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	1.83	2.04	2.18
(=) Adjusted Dividend	2.24	2.45	2.59
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	2.73%	3.73%	4.73%
Fair Value	$33.21	$42.86	$55.02
Upside / Downside	138.93%	208.34%	295.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.02	124.51	129.15	133.98	138.98	144.17	148.49
Payout Ratio	14.61%	29.69%	44.76%	59.84%	74.92%	90.00%	92.50%
Projected Dividends (M)	17.53	36.96	57.82	80.18	104.12	129.75	137.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	2.73%	3.73%	4.73%
Year 1 PV (M)	33.38	33.70	34.03
Year 2 PV (M)	47.15	48.07	49.00
Year 3 PV (M)	59.05	60.79	62.56
Year 4 PV (M)	69.25	71.99	74.80
Year 5 PV (M)	77.93	81.79	85.81
PV of Terminal Value (M)	1,237.29	1,298.69	1,362.50
Equity Value (M)	1,524.03	1,595.03	1,668.71
Shares Outstanding (M)	42.84	42.84	42.84
Fair Value	$35.58	$37.24	$38.96
Upside / Downside	155.96%	167.88%	180.26%

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The Brunner Investment Trust PLC (BUT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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