DDM Analysis: EXPN.L

Valuation Snapshot

Stable Growth	$62.75 - $178.61	$98.01
Multi-Stage	$60.89 - $66.69	$63.74
Blended Fair Value	$80.88
Current Price	$46.09
Upside	75.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	5.09%	3.72%	0.59	0.55	0.52	0.48	0.46	0.46	0.45	0.43	0.42	0.42
YoY Growth	-	-	7.06%	5.59%	8.30%	4.21%	0.47%	3.65%	4.85%	2.35%	0.00%	1.06%
Dividend Yield	-	-	1.29%	1.30%	1.60%	1.25%	1.35%	1.66%	1.63%	1.97%	2.03%	2.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,382.36
(-) Cash Dividends Paid (M)	1,055.00
(=) Cash Retained (M)	1,327.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	476.47	297.80	178.68
Cash Retained (M)	1,327.36	1,327.36	1,327.36
(-) Cash Required (M)	-476.47	-297.80	-178.68
(=) Excess Retained (M)	850.89	1,029.57	1,148.68
(/) Shares Outstanding (M)	921.50	921.50	921.50
(=) Excess Retained per Share	0.92	1.12	1.25
LTM Dividend per Share	1.14	1.14	1.14
(+) Excess Retained per Share	0.92	1.12	1.25
(=) Adjusted Dividend	2.07	2.26	2.39
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	3.57%	4.57%	5.57%
Fair Value	$62.75	$98.01	$178.61
Upside / Downside	36.16%	112.66%	287.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,382.36	2,491.30	2,605.23	2,724.36	2,848.94	2,979.22	3,068.60
Payout Ratio	44.28%	53.43%	62.57%	71.71%	80.86%	90.00%	92.50%
Projected Dividends (M)	1,055.00	1,331.03	1,630.10	1,953.74	2,303.56	2,681.30	2,838.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.99%	6.99%	6.99%
Growth Rate	3.57%	4.57%	5.57%
Year 1 PV (M)	1,232.21	1,244.11	1,256.01
Year 2 PV (M)	1,397.05	1,424.15	1,451.52
Year 3 PV (M)	1,550.10	1,595.44	1,641.65
Year 4 PV (M)	1,691.97	1,758.27	1,826.50
Year 5 PV (M)	1,823.21	1,912.94	2,006.17
PV of Terminal Value (M)	48,416.24	50,799.11	53,274.90
Equity Value (M)	56,110.79	58,734.03	61,456.75
Shares Outstanding (M)	921.50	921.50	921.50
Fair Value	$60.89	$63.74	$66.69
Upside / Downside	32.11%	38.29%	44.70%

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Experian plc (EXPN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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