DDM Analysis: MNKS.L

Valuation Snapshot

Stable Growth	$15.48 - $22.12	$18.74
Multi-Stage	$23.31 - $25.65	$24.46
Blended Fair Value	$21.60
Current Price	$11.38
Upside	89.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	1.55%	-6.89%	0.02	0.03	0.02	0.02	0.02	0.01	0.01	0.01	0.01	0.03
YoY Growth	-	-	-39.35%	36.85%	11.38%	-15.60%	38.38%	32.88%	13.91%	25.00%	-74.68%	-5.35%
Dividend Yield	-	-	0.14%	0.22%	0.19%	0.16%	0.14%	0.16%	0.12%	0.12%	0.12%	0.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	636.09
(-) Cash Dividends Paid (M)	7.98
(=) Cash Retained (M)	628.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	127.22	79.51	47.71
Cash Retained (M)	628.11	628.11	628.11
(-) Cash Required (M)	-127.22	-79.51	-47.71
(=) Excess Retained (M)	500.89	548.60	580.40
(/) Shares Outstanding (M)	280.53	280.53	280.53
(=) Excess Retained per Share	1.79	1.96	2.07
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	1.79	1.96	2.07
(=) Adjusted Dividend	1.81	1.98	2.10
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$15.48	$18.74	$22.12
Upside / Downside	36.04%	64.65%	94.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	636.09	629.72	623.43	617.19	611.02	604.91	623.06
Payout Ratio	1.25%	19.00%	36.75%	54.50%	72.25%	90.00%	92.50%
Projected Dividends (M)	7.98	119.67	229.12	336.38	441.47	544.42	576.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	108.20	109.30	110.41
Year 2 PV (M)	187.31	191.15	195.03
Year 3 PV (M)	248.64	256.33	264.17
Year 4 PV (M)	295.04	307.27	319.87
Year 5 PV (M)	328.97	346.10	363.94
PV of Terminal Value (M)	5,372.15	5,651.89	5,943.17
Equity Value (M)	6,540.31	6,862.05	7,196.60
Shares Outstanding (M)	280.53	280.53	280.53
Fair Value	$23.31	$24.46	$25.65
Upside / Downside	104.87%	114.95%	125.43%

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The Monks Investment Trust PLC (MNKS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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