DDM Analysis: CREI.L

Valuation Snapshot

Stable Growth	$1.97 - $3.41	$2.58
Multi-Stage	$2.47 - $2.70	$2.58
Blended Fair Value	$2.58
Current Price	$0.76
Upside	241.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.16%	17.25%	0.06	0.05	0.05	0.05	0.05	0.06	0.06	0.05	0.04	0.03
YoY Growth	-	-	12.27%	-0.01%	0.24%	17.23%	-23.58%	5.96%	10.77%	24.41%	51.33%	120.34%
Dividend Yield	-	-	8.10%	6.75%	6.12%	5.34%	5.06%	6.14%	5.07%	4.58%	3.72%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	66.96
(-) Cash Dividends Paid (M)	26.12
(=) Cash Retained (M)	40.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.39	8.37	5.02
Cash Retained (M)	40.83	40.83	40.83
(-) Cash Required (M)	-13.39	-8.37	-5.02
(=) Excess Retained (M)	27.44	32.46	35.81
(/) Shares Outstanding (M)	444.43	444.43	444.43
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$1.97	$2.58	$3.41
Upside / Downside	160.03%	241.88%	350.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	66.96	68.96	71.02	73.14	75.32	77.57	79.90
Payout Ratio	39.01%	49.21%	59.41%	69.61%	79.80%	90.00%	92.50%
Projected Dividends (M)	26.12	33.93	42.19	50.91	60.11	69.82	73.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.24%	8.24%	8.24%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	31.05	31.35	31.65
Year 2 PV (M)	35.31	36.01	36.71
Year 3 PV (M)	38.99	40.14	41.32
Year 4 PV (M)	42.11	43.79	45.52
Year 5 PV (M)	44.75	46.99	49.32
PV of Terminal Value (M)	903.99	949.18	996.17
Equity Value (M)	1,096.20	1,147.47	1,200.69
Shares Outstanding (M)	444.43	444.43	444.43
Fair Value	$2.47	$2.58	$2.70
Upside / Downside	226.26%	241.52%	257.36%

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Custodian REIT Plc (CREI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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