DDM Analysis: MGAM.L

Valuation Snapshot

Stable Growth	$3.54 - $5.65	$4.50
Multi-Stage	$6.72 - $7.37	$7.04
Blended Fair Value	$5.77
Current Price	$2.20
Upside	162.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.97%	1.34%	0.12	0.12	0.11	0.07	0.02	0.11	0.11	0.11	0.11	0.11
YoY Growth	-	-	0.88%	8.23%	65.45%	235.09%	-81.79%	-0.32%	0.00%	0.00%	0.00%	3.97%
Dividend Yield	-	-	4.44%	4.27%	3.51%	1.86%	0.64%	3.45%	4.18%	3.25%	3.85%	4.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.80
(-) Cash Dividends Paid (M)	68.70
(=) Cash Retained (M)	29.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.56	12.23	7.34
Cash Retained (M)	29.10	29.10	29.10
(-) Cash Required (M)	-19.56	-12.23	-7.34
(=) Excess Retained (M)	9.54	16.88	21.77
(/) Shares Outstanding (M)	285.89	285.89	285.89
(=) Excess Retained per Share	0.03	0.06	0.08
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.03	0.06	0.08
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	-0.66%	0.34%	1.34%
Fair Value	$3.54	$4.50	$5.65
Upside / Downside	61.00%	104.51%	156.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.80	98.13	98.47	98.80	99.14	99.47	102.46
Payout Ratio	70.25%	74.20%	78.15%	82.10%	86.05%	90.00%	92.50%
Projected Dividends (M)	68.70	72.81	76.95	81.11	85.31	89.53	94.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.02%	7.02%	7.02%
Growth Rate	-0.66%	0.34%	1.34%
Year 1 PV (M)	67.36	68.04	68.72
Year 2 PV (M)	65.86	67.19	68.54
Year 3 PV (M)	64.23	66.18	68.18
Year 4 PV (M)	62.49	65.04	67.67
Year 5 PV (M)	60.67	63.79	67.03
PV of Terminal Value (M)	1,599.43	1,681.57	1,767.05
Equity Value (M)	1,920.03	2,011.81	2,107.18
Shares Outstanding (M)	285.89	285.89	285.89
Fair Value	$6.72	$7.04	$7.37
Upside / Downside	205.27%	219.86%	235.02%

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Morgan Advanced Materials plc (MGAM.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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