DDM Analysis: I3E.L

Valuation Snapshot

Stable Growth	$0.27 - $0.39	$0.33
Multi-Stage	$0.43 - $0.47	$0.45
Blended Fair Value	$0.39
Current Price	$0.10
Upside	287.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-13.39%	349.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	10.26%	5.12%	2.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.62
(-) Cash Dividends Paid (M)	7.18
(=) Cash Retained (M)	39.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.32	5.83	3.50
Cash Retained (M)	39.44	39.44	39.44
(-) Cash Required (M)	-9.32	-5.83	-3.50
(=) Excess Retained (M)	30.12	33.61	35.94
(/) Shares Outstanding (M)	1,215.65	1,215.65	1,215.65
(=) Excess Retained per Share	0.02	0.03	0.03
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.02	0.03	0.03
(=) Adjusted Dividend	0.03	0.03	0.04
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.27	$0.33	$0.39
Upside / Downside	169.95%	227.67%	288.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.62	46.15	45.69	45.24	44.78	44.34	45.67
Payout Ratio	15.40%	30.32%	45.24%	60.16%	75.08%	90.00%	92.50%
Projected Dividends (M)	7.18	13.99	20.67	27.21	33.62	39.90	42.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.15%	9.15%	9.15%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.69	12.82	12.95
Year 2 PV (M)	17.00	17.35	17.70
Year 3 PV (M)	20.30	20.93	21.57
Year 4 PV (M)	22.75	23.69	24.66
Year 5 PV (M)	24.48	25.76	27.08
PV of Terminal Value (M)	421.50	443.45	466.31
Equity Value (M)	518.73	544.00	570.27
Shares Outstanding (M)	1,215.65	1,215.65	1,215.65
Fair Value	$0.43	$0.45	$0.47
Upside / Downside	327.14%	347.95%	369.58%

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i3 Energy Plc (I3E.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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