DDM Analysis: FEVR.L

Valuation Snapshot

Stable Growth	$3.17 - $4.67	$3.89
Multi-Stage	$4.82 - $5.26	$5.03
Blended Fair Value	$4.46
Current Price	$9.34
Upside	-52.23%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.72%	0.00%	0.17	0.16	0.58	0.16	0.15	0.15	0.12	0.08	0.04	0.01
YoY Growth	-	-	2.62%	-72.24%	273.91%	3.37%	-1.11%	31.15%	54.27%	101.04%	255.56%	0.00%
Dividend Yield	-	-	2.45%	1.54%	5.63%	0.57%	0.59%	0.73%	0.53%	0.33%	0.33%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	47.10
(-) Cash Dividends Paid (M)	40.00
(=) Cash Retained (M)	7.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.42	5.89	3.53
Cash Retained (M)	7.10	7.10	7.10
(-) Cash Required (M)	-9.42	-5.89	-3.53
(=) Excess Retained (M)	-2.32	1.21	3.57
(/) Shares Outstanding (M)	118.54	118.54	118.54
(=) Excess Retained per Share	-0.02	0.01	0.03
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	-0.02	0.01	0.03
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-0.28%	0.72%	1.72%
Fair Value	$3.17	$3.89	$4.67
Upside / Downside	-66.06%	-58.34%	-49.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	47.10	47.44	47.78	48.12	48.47	48.81	50.28
Payout Ratio	84.93%	85.94%	86.96%	87.97%	88.99%	90.00%	92.50%
Projected Dividends (M)	40.00	40.77	41.55	42.33	43.13	43.93	46.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-0.28%	0.72%	1.72%
Year 1 PV (M)	36.79	37.16	37.53
Year 2 PV (M)	33.83	34.51	35.20
Year 3 PV (M)	31.11	32.05	33.02
Year 4 PV (M)	28.60	29.76	30.96
Year 5 PV (M)	26.29	27.63	29.03
PV of Terminal Value (M)	414.29	435.49	457.54
Equity Value (M)	570.90	596.60	623.28
Shares Outstanding (M)	118.54	118.54	118.54
Fair Value	$4.82	$5.03	$5.26
Upside / Downside	-48.44%	-46.12%	-43.71%

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Fevertree Drinks PLC (FEVR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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