DDM Analysis: LSL.L

Valuation Snapshot

Stable Growth	$4.51 - $5.97	$5.27
Multi-Stage	$10.25 - $11.36	$10.79
Blended Fair Value	$8.03
Current Price	$3.04
Upside	164.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.03%	-8.38%	0.11	0.11	0.11	0.04	0.00	0.11	0.11	0.10	0.13	0.12
YoY Growth	-	-	0.59%	-0.50%	182.60%	0.00%	-100.00%	-3.50%	9.72%	-18.15%	2.88%	-55.62%
Dividend Yield	-	-	3.75%	4.39%	4.56%	0.98%	0.00%	3.95%	5.13%	3.65%	5.41%	4.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	120.93
(-) Cash Dividends Paid (M)	23.50
(=) Cash Retained (M)	97.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.19	15.12	9.07
Cash Retained (M)	97.43	97.43	97.43
(-) Cash Required (M)	-24.19	-15.12	-9.07
(=) Excess Retained (M)	73.25	82.32	88.36
(/) Shares Outstanding (M)	103.32	103.32	103.32
(=) Excess Retained per Share	0.71	0.80	0.86
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.71	0.80	0.86
(=) Adjusted Dividend	0.94	1.02	1.08
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-10.38%	-9.38%	-8.38%
Fair Value	$4.51	$5.27	$5.97
Upside / Downside	48.31%	73.34%	96.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	120.93	109.58	99.30	89.98	81.53	73.88	76.10
Payout Ratio	19.43%	33.54%	47.66%	61.77%	75.89%	90.00%	92.50%
Projected Dividends (M)	23.50	36.76	47.32	55.58	61.87	66.49	70.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.23%	8.23%	8.23%
Growth Rate	-10.38%	-9.38%	-8.38%
Year 1 PV (M)	33.59	33.96	34.34
Year 2 PV (M)	39.51	40.40	41.30
Year 3 PV (M)	42.41	43.84	45.31
Year 4 PV (M)	43.14	45.10	47.12
Year 5 PV (M)	42.36	44.78	47.31
PV of Terminal Value (M)	857.90	906.85	958.00
Equity Value (M)	1,058.92	1,114.94	1,173.38
Shares Outstanding (M)	103.32	103.32	103.32
Fair Value	$10.25	$10.79	$11.36
Upside / Downside	237.15%	254.98%	273.59%

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LSL Property Services plc (LSL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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