DDM Analysis: DUKE.L

Valuation Snapshot

Stable Growth	$7.02 - $10.08	$8.52
Multi-Stage	$10.85 - $11.94	$11.38
Blended Fair Value	$9.95
Current Price	$0.28
Upside	3,492.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.29%	0.00%	0.03	0.03	0.03	0.02	0.01	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	6.29%	4.96%	51.02%	141.29%	-49.89%	49.47%	334.70%	0.00%	0.00%	0.00%
Dividend Yield	-	-	10.58%	8.48%	8.27%	4.46%	1.88%	5.89%	2.31%	0.58%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	420.71
(-) Cash Dividends Paid (M)	17.34
(=) Cash Retained (M)	403.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.14	52.59	31.55
Cash Retained (M)	403.36	403.36	403.36
(-) Cash Required (M)	-84.14	-52.59	-31.55
(=) Excess Retained (M)	319.22	350.78	371.81
(/) Shares Outstanding (M)	417.92	417.92	417.92
(=) Excess Retained per Share	0.76	0.84	0.89
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.76	0.84	0.89
(=) Adjusted Dividend	0.81	0.88	0.93
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.02	$8.52	$10.08
Upside / Downside	2,435.72%	2,975.45%	3,539.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	420.71	416.50	412.33	408.21	404.13	400.09	412.09
Payout Ratio	4.12%	21.30%	38.47%	55.65%	72.82%	90.00%	92.50%
Projected Dividends (M)	17.34	88.70	158.64	227.16	294.30	360.08	381.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.24%	9.24%	9.24%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	80.38	81.20	82.02
Year 2 PV (M)	130.27	132.95	135.64
Year 3 PV (M)	169.05	174.28	179.61
Year 4 PV (M)	198.47	206.69	215.17
Year 5 PV (M)	220.05	231.51	243.44
PV of Terminal Value (M)	3,735.34	3,929.84	4,132.37
Equity Value (M)	4,533.56	4,756.47	4,988.26
Shares Outstanding (M)	417.92	417.92	417.92
Fair Value	$10.85	$11.38	$11.94
Upside / Downside	3,816.23%	4,008.79%	4,209.02%

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Duke Capital Limited (DUKE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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