DDM Analysis: ECEL.L

Valuation Snapshot

Stable Growth	$1.51 - $2.24	$1.86
Multi-Stage	$2.90 - $3.18	$3.04
Blended Fair Value	$2.45
Current Price	$1.60
Upside	53.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.28%	0.00%	0.06	0.10	0.10	0.03	0.00	0.09	0.09	0.08	0.07	0.03
YoY Growth	-	-	-40.78%	-7.21%	208.33%	0.00%	-100.00%	3.09%	4.76%	8.80%	196.30%	0.00%
Dividend Yield	-	-	3.33%	7.34%	7.00%	1.39%	0.00%	3.61%	3.98%	3.78%	4.17%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.10
(-) Cash Dividends Paid (M)	12.20
(=) Cash Retained (M)	7.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.02	2.51	1.51
Cash Retained (M)	7.90	7.90	7.90
(-) Cash Required (M)	-4.02	-2.51	-1.51
(=) Excess Retained (M)	3.88	5.39	6.39
(/) Shares Outstanding (M)	107.15	107.15	107.15
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.51	$1.86	$2.24
Upside / Downside	-5.62%	16.22%	40.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.10	19.90	19.70	19.50	19.31	19.11	19.69
Payout Ratio	60.70%	66.56%	72.42%	78.28%	84.14%	90.00%	92.50%
Projected Dividends (M)	12.20	13.24	14.27	15.27	16.25	17.20	18.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.17	12.29	12.42
Year 2 PV (M)	12.04	12.29	12.54
Year 3 PV (M)	11.84	12.21	12.58
Year 4 PV (M)	11.58	12.06	12.55
Year 5 PV (M)	11.26	11.85	12.46
PV of Terminal Value (M)	251.63	264.74	278.38
Equity Value (M)	310.53	325.43	340.93
Shares Outstanding (M)	107.15	107.15	107.15
Fair Value	$2.90	$3.04	$3.18
Upside / Downside	81.13%	89.83%	98.87%

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Eurocell plc (ECEL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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