DDM Analysis: CLIG.L

Valuation Snapshot

Stable Growth	$12.55 - $28.43	$18.23
Multi-Stage	$9.74 - $10.60	$10.17
Blended Fair Value	$14.20
Current Price	$3.46
Upside	310.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.50%	13.38%	0.42	0.32	0.39	0.30	0.20	0.14	0.14	0.13	0.12	0.12
YoY Growth	-	-	32.95%	-18.81%	30.36%	52.56%	39.32%	2.63%	2.83%	9.56%	1.11%	0.37%
Dividend Yield	-	-	12.13%	8.53%	9.63%	6.95%	3.65%	3.66%	3.33%	3.24%	2.99%	4.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.89
(-) Cash Dividends Paid (M)	26.72
(=) Cash Retained (M)	4.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.18	3.86	2.32
Cash Retained (M)	4.17	4.17	4.17
(-) Cash Required (M)	-6.18	-3.86	-2.32
(=) Excess Retained (M)	-2.01	0.31	1.85
(/) Shares Outstanding (M)	49.83	49.83	49.83
(=) Excess Retained per Share	-0.04	0.01	0.04
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	-0.04	0.01	0.04
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.55	$18.23	$28.43
Upside / Downside	262.76%	426.93%	721.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.89	32.90	35.04	37.32	39.74	42.32	43.59
Payout Ratio	86.50%	87.20%	87.90%	88.60%	89.30%	90.00%	92.50%
Projected Dividends (M)	26.72	28.69	30.80	33.06	35.49	38.09	40.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.67%	9.67%	9.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.91	26.16	26.41
Year 2 PV (M)	25.13	25.61	26.09
Year 3 PV (M)	24.37	25.07	25.78
Year 4 PV (M)	23.62	24.53	25.47
Year 5 PV (M)	22.90	24.01	25.16
PV of Terminal Value (M)	363.60	381.16	399.40
Equity Value (M)	485.54	506.54	528.30
Shares Outstanding (M)	49.83	49.83	49.83
Fair Value	$9.74	$10.17	$10.60
Upside / Downside	181.62%	193.80%	206.42%

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City of London Investment Group PLC (CLIG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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