DDM Analysis: IDOX.L

Valuation Snapshot

Stable Growth	$0.27 - $0.42	$0.34
Multi-Stage	$0.33 - $0.36	$0.35
Blended Fair Value	$0.34
Current Price	$0.55
Upside	-38.04%
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	0.00%	0.68%	0.01	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.01
YoY Growth	-	-	21.52%	27.13%	34.03%	0.00%	0.00%	-100.00%	-35.57%	33.96%	17.99%	3.61%
Dividend Yield	-	-	1.00%	0.80%	0.64%	0.41%	0.00%	0.00%	1.80%	1.48%	1.11%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.73
(-) Cash Dividends Paid (M)	5.98
(=) Cash Retained (M)	5.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.35	1.47	0.88
Cash Retained (M)	5.76	5.76	5.76
(-) Cash Required (M)	-2.35	-1.47	-0.88
(=) Excess Retained (M)	3.41	4.29	4.88
(/) Shares Outstanding (M)	457.67	457.67	457.67
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.02	0.02	0.02
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	1.74%	2.74%	3.74%
Fair Value	$0.27	$0.34	$0.42
Upside / Downside	-51.74%	-38.92%	-23.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.73	12.05	12.38	12.72	13.07	13.43	13.83
Payout Ratio	50.94%	58.75%	66.57%	74.38%	82.19%	90.00%	92.50%
Projected Dividends (M)	5.98	7.08	8.24	9.46	10.74	12.09	12.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	1.74%	2.74%	3.74%
Year 1 PV (M)	6.40	6.46	6.52
Year 2 PV (M)	6.73	6.86	7.00
Year 3 PV (M)	6.98	7.19	7.40
Year 4 PV (M)	7.16	7.45	7.74
Year 5 PV (M)	7.28	7.64	8.02
PV of Terminal Value (M)	116.73	122.58	128.66
Equity Value (M)	151.27	158.18	165.34
Shares Outstanding (M)	457.67	457.67	457.67
Fair Value	$0.33	$0.35	$0.36
Upside / Downside	-39.90%	-37.16%	-34.31%

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IDOX plc (IDOX.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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