DDM Analysis: LIV.L

Valuation Snapshot

Stable Growth	$0.61 - $0.86	$0.73
Multi-Stage	$0.99 - $1.08	$1.03
Blended Fair Value	$0.88
Current Price	$0.67
Upside	30.88%
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%	3.41%	0.04	0.03	0.15	0.05	0.04	0.00	0.05	0.09	0.00	0.03
YoY Growth	-	-	40.89%	-79.33%	200.00%	33.33%	0.00%	-100.00%	-46.67%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	6.56%	7.48%	31.11%	7.30%	7.18%	0.00%	9.61%	14.06%	0.00%	6.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.31
(-) Cash Dividends Paid (M)	11.95
(=) Cash Retained (M)	3.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.06	1.91	1.15
Cash Retained (M)	3.36	3.36	3.36
(-) Cash Required (M)	-3.06	-1.91	-1.15
(=) Excess Retained (M)	0.30	1.45	2.21
(/) Shares Outstanding (M)	165.36	165.36	165.36
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.61	$0.73	$0.86
Upside / Downside	-10.19%	8.26%	27.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.31	15.16	15.01	14.86	14.71	14.56	15.00
Payout Ratio	78.04%	80.43%	82.82%	85.21%	87.61%	90.00%	92.50%
Projected Dividends (M)	11.95	12.19	12.43	12.66	12.88	13.10	13.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.97	11.08	11.20
Year 2 PV (M)	10.07	10.27	10.48
Year 3 PV (M)	9.23	9.51	9.81
Year 4 PV (M)	8.45	8.80	9.17
Year 5 PV (M)	7.74	8.14	8.56
PV of Terminal Value (M)	117.21	123.31	129.67
Equity Value (M)	163.67	171.13	178.88
Shares Outstanding (M)	165.36	165.36	165.36
Fair Value	$0.99	$1.03	$1.08
Upside / Downside	46.81%	53.50%	60.45%

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Livermore Investments Group Limited (LIV.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener