DDM Analysis: MAJE.L

Valuation Snapshot

Stable Growth	$2.76 - $3.95	$3.34
Multi-Stage	$4.46 - $4.89	$4.67
Blended Fair Value	$4.01
Current Price	$2.49
Upside	60.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.70%	-1.69%	0.08	0.10	0.11	0.11	0.11	0.11	0.10	0.09	0.08	0.07
YoY Growth	-	-	-19.79%	-15.79%	-0.03%	-0.03%	-0.76%	11.23%	10.80%	15.76%	8.96%	-19.03%
Dividend Yield	-	-	3.26%	4.87%	6.95%	4.96%	6.45%	4.49%	3.66%	3.31%	3.13%	2.88%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21.45
(-) Cash Dividends Paid (M)	10.28
(=) Cash Retained (M)	11.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.29	2.68	1.61
Cash Retained (M)	11.17	11.17	11.17
(-) Cash Required (M)	-4.29	-2.68	-1.61
(=) Excess Retained (M)	6.88	8.49	9.56
(/) Shares Outstanding (M)	53.00	53.00	53.00
(=) Excess Retained per Share	0.13	0.16	0.18
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.13	0.16	0.18
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.76	$3.34	$3.95
Upside / Downside	10.94%	34.27%	58.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21.45	21.24	21.03	20.81	20.61	20.40	21.01
Payout Ratio	47.93%	56.34%	64.76%	73.17%	81.59%	90.00%	92.50%
Projected Dividends (M)	10.28	11.97	13.62	15.23	16.81	18.36	19.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	10.82	10.93	11.04
Year 2 PV (M)	11.13	11.36	11.59
Year 3 PV (M)	11.26	11.60	11.96
Year 4 PV (M)	11.23	11.70	12.18
Year 5 PV (M)	11.09	11.67	12.27
PV of Terminal Value (M)	181.00	190.43	200.24
Equity Value (M)	236.54	247.69	259.28
Shares Outstanding (M)	53.00	53.00	53.00
Fair Value	$4.46	$4.67	$4.89
Upside / Downside	79.24%	87.69%	96.47%

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Majedie Investments PLC (MAJE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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