DDM Analysis: CMCX.L

Valuation Snapshot

Stable Growth	$10.04 - $21.23	$14.24
Multi-Stage	$7.31 - $7.99	$7.65
Blended Fair Value	$10.94
Current Price	$2.07
Upside	428.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	22.99%	9.16%	0.10	0.05	0.13	0.26	0.23	0.04	0.08	0.09	0.09	0.09
YoY Growth	-	-	109.70%	-60.94%	-51.74%	16.86%	509.04%	-51.64%	-17.99%	7.40%	-3.97%	108.66%
Dividend Yield	-	-	5.05%	2.19%	7.26%	10.38%	4.69%	2.07%	9.25%	5.55%	7.21%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.38
(-) Cash Dividends Paid (M)	22.97
(=) Cash Retained (M)	124.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.48	18.42	11.05
Cash Retained (M)	124.41	124.41	124.41
(-) Cash Required (M)	-29.48	-18.42	-11.05
(=) Excess Retained (M)	94.93	105.98	113.35
(/) Shares Outstanding (M)	274.36	274.36	274.36
(=) Excess Retained per Share	0.35	0.39	0.41
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.35	0.39	0.41
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	10.02%	10.02%	10.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.04	$14.24	$21.23
Upside / Downside	384.95%	587.72%	925.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.38	156.95	167.16	178.02	189.59	201.92	207.97
Payout Ratio	15.59%	30.47%	45.35%	60.23%	75.12%	90.00%	92.50%
Projected Dividends (M)	22.97	47.82	75.81	107.23	142.42	181.72	192.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.02%	10.02%	10.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	43.06	43.47	43.88
Year 2 PV (M)	61.46	62.63	63.81
Year 3 PV (M)	78.28	80.53	82.82
Year 4 PV (M)	93.62	97.22	100.92
Year 5 PV (M)	107.56	112.75	118.15
PV of Terminal Value (M)	1,622.86	1,701.25	1,782.63
Equity Value (M)	2,006.84	2,097.84	2,192.20
Shares Outstanding (M)	274.36	274.36	274.36
Fair Value	$7.31	$7.65	$7.99
Upside / Downside	253.36%	269.38%	286.00%

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CMC Markets plc (CMCX.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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