DDM Analysis: DNLM.L

Valuation Snapshot

Stable Growth	$57.57 - $294.44	$117.92
Multi-Stage	$60.28 - $66.10	$63.13
Blended Fair Value	$90.53
Current Price	$11.85
Upside	663.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.44%	-6.96%	0.44	0.78	0.80	1.39	0.12	0.52	0.27	0.26	0.25	0.53
YoY Growth	-	-	-43.53%	-3.49%	-42.11%	1,060.91%	-77.08%	94.14%	2.25%	3.49%	-52.40%	-40.82%
Dividend Yield	-	-	3.69%	7.32%	7.17%	16.90%	0.84%	4.38%	2.92%	5.20%	4.22%	6.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	307.50
(-) Cash Dividends Paid (M)	246.60
(=) Cash Retained (M)	60.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	61.50	38.44	23.06
Cash Retained (M)	60.90	60.90	60.90
(-) Cash Required (M)	-61.50	-38.44	-23.06
(=) Excess Retained (M)	-0.60	22.46	37.84
(/) Shares Outstanding (M)	203.30	203.30	203.30
(=) Excess Retained per Share	0.00	0.11	0.19
LTM Dividend per Share	1.21	1.21	1.21
(+) Excess Retained per Share	0.00	0.11	0.19
(=) Adjusted Dividend	1.21	1.32	1.40
WACC / Discount Rate	5.40%	5.40%	5.40%
Growth Rate	3.23%	4.23%	5.23%
Fair Value	$57.57	$117.92	$294.44
Upside / Downside	385.80%	895.13%	2,384.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	307.50	320.50	334.05	348.17	362.89	378.24	389.58
Payout Ratio	80.20%	82.16%	84.12%	86.08%	88.04%	90.00%	92.50%
Projected Dividends (M)	246.60	263.31	280.99	299.70	319.49	340.41	360.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.40%	5.40%	5.40%
Growth Rate	3.23%	4.23%	5.23%
Year 1 PV (M)	247.43	249.83	252.22
Year 2 PV (M)	248.12	252.95	257.83
Year 3 PV (M)	248.68	255.97	263.41
Year 4 PV (M)	249.11	258.90	268.98
Year 5 PV (M)	249.41	261.73	274.53
PV of Terminal Value (M)	11,012.24	11,556.07	12,121.18
Equity Value (M)	12,254.99	12,835.45	13,438.15
Shares Outstanding (M)	203.30	203.30	203.30
Fair Value	$60.28	$63.13	$66.10
Upside / Downside	408.69%	432.78%	457.80%

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Dunelm Group plc (DNLM.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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