DDM Analysis: MATE.L

Valuation Snapshot

Stable Growth	$0.60 - $0.85	$0.72
Multi-Stage	$0.99 - $1.09	$1.04
Blended Fair Value	$0.88
Current Price	$0.96
Upside	-8.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020
DPS	0.00%	0.00%	0.04	0.04	0.04	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.89%	-2.03%	-0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.11%	3.84%	4.47%	4.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.91
(-) Cash Dividends Paid (M)	6.89
(=) Cash Retained (M)	1.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.58	0.99	0.59
Cash Retained (M)	1.02	1.02	1.02
(-) Cash Required (M)	-1.58	-0.99	-0.59
(=) Excess Retained (M)	-0.56	0.03	0.42
(/) Shares Outstanding (M)	86.11	86.11	86.11
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.60	$0.72	$0.85
Upside / Downside	-37.66%	-24.86%	-11.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.91	7.83	7.75	7.67	7.60	7.52	7.75
Payout Ratio	87.13%	87.70%	88.28%	88.85%	89.43%	90.00%	92.50%
Projected Dividends (M)	6.89	6.87	6.84	6.82	6.79	6.77	7.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.18	6.24	6.30
Year 2 PV (M)	5.54	5.65	5.77
Year 3 PV (M)	4.97	5.12	5.28
Year 4 PV (M)	4.46	4.64	4.83
Year 5 PV (M)	3.99	4.20	4.42
PV of Terminal Value (M)	60.41	63.56	66.83
Equity Value (M)	85.55	89.42	93.43
Shares Outstanding (M)	86.11	86.11	86.11
Fair Value	$0.99	$1.04	$1.09
Upside / Downside	3.22%	7.88%	12.73%

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JPMorgan Multi-Asset Growth & Income plc (MATE.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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