DDM Analysis: CURY.L

Valuation Snapshot

Stable Growth	$1.50 - $2.17	$1.83
Multi-Stage	$2.37 - $2.61	$2.49
Blended Fair Value	$2.16
Current Price	$1.11
Upside	94.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.00	0.03	0.04	0.00	0.07	0.10	0.12	0.10	0.09
YoY Growth	-	-	0.00%	-100.00%	-23.91%	0.00%	-100.00%	-32.76%	-10.77%	13.04%	8.49%	120.83%
Dividend Yield	-	-	0.00%	0.00%	5.42%	4.40%	0.00%	8.97%	7.15%	5.72%	3.07%	2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	236.00
(-) Cash Dividends Paid (M)	5.50
(=) Cash Retained (M)	230.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.20	29.50	17.70
Cash Retained (M)	230.50	230.50	230.50
(-) Cash Required (M)	-47.20	-29.50	-17.70
(=) Excess Retained (M)	183.30	201.00	212.80
(/) Shares Outstanding (M)	1,119.30	1,119.30	1,119.30
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.17	0.18	0.20
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.50	$1.83	$2.17
Upside / Downside	35.55%	64.77%	95.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	236.00	233.64	231.30	228.99	226.70	224.43	231.17
Payout Ratio	2.33%	19.86%	37.40%	54.93%	72.47%	90.00%	92.50%
Projected Dividends (M)	5.50	46.41	86.50	125.79	164.28	201.99	213.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.99%	8.99%	8.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	42.15	42.58	43.01
Year 2 PV (M)	71.36	72.83	74.30
Year 3 PV (M)	94.25	97.17	100.14
Year 4 PV (M)	111.80	116.44	121.21
Year 5 PV (M)	124.86	131.36	138.13
PV of Terminal Value (M)	2,207.88	2,322.85	2,442.56
Equity Value (M)	2,652.32	2,783.23	2,919.37
Shares Outstanding (M)	1,119.30	1,119.30	1,119.30
Fair Value	$2.37	$2.49	$2.61
Upside / Downside	113.48%	124.02%	134.97%

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Currys plc (CURY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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