DDM Analysis: JAM.L

Valuation Snapshot

Stable Growth	$20.28 - $29.32	$24.68
Multi-Stage	$28.74 - $31.58	$30.13
Blended Fair Value	$27.41
Current Price	$10.22
Upside	168.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.91%	6.93%	0.08	0.07	0.07	0.07	0.07	0.08	0.07	0.07	0.07	0.06
YoY Growth	-	-	9.82%	-0.94%	1.41%	-0.87%	-4.34%	8.49%	6.61%	-4.68%	21.15%	39.92%
Dividend Yield	-	-	0.71%	0.86%	1.08%	0.95%	1.28%	1.60%	1.78%	1.66%	1.90%	2.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	503.68
(-) Cash Dividends Paid (M)	31.65
(=) Cash Retained (M)	472.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.74	62.96	37.78
Cash Retained (M)	472.04	472.04	472.04
(-) Cash Required (M)	-100.74	-62.96	-37.78
(=) Excess Retained (M)	371.30	409.08	434.26
(/) Shares Outstanding (M)	180.91	180.91	180.91
(=) Excess Retained per Share	2.05	2.26	2.40
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	2.05	2.26	2.40
(=) Adjusted Dividend	2.23	2.44	2.58
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-1.09%	-0.09%	0.91%
Fair Value	$20.28	$24.68	$29.32
Upside / Downside	98.44%	141.47%	186.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	503.68	503.20	502.73	502.25	501.77	501.30	516.34
Payout Ratio	6.28%	23.03%	39.77%	56.51%	73.26%	90.00%	92.50%
Projected Dividends (M)	31.65	115.87	199.93	283.84	367.58	451.17	477.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-1.09%	-0.09%	0.91%
Year 1 PV (M)	104.50	105.56	106.62
Year 2 PV (M)	162.63	165.94	169.28
Year 3 PV (M)	208.23	214.61	221.12
Year 4 PV (M)	243.21	253.20	263.49
Year 5 PV (M)	269.23	283.12	297.58
PV of Terminal Value (M)	4,211.75	4,429.02	4,655.17
Equity Value (M)	5,199.57	5,451.45	5,713.25
Shares Outstanding (M)	180.91	180.91	180.91
Fair Value	$28.74	$30.13	$31.58
Upside / Downside	181.22%	194.84%	209.00%

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JPMorgan American Investment Trust plc (JAM.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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