DDM Analysis: MNL.L

Valuation Snapshot

Stable Growth	$104.61 - $221.91	$148.51
Multi-Stage	$75.05 - $82.04	$78.48
Blended Fair Value	$113.50
Current Price	$9.30
Upside	1,120.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.74%	11.95%	0.21	0.14	0.14	0.21	0.14	0.12	0.10	0.06	0.07	0.03
YoY Growth	-	-	47.39%	-0.11%	-33.50%	55.25%	9.56%	27.31%	70.49%	-20.84%	174.95%	-60.69%
Dividend Yield	-	-	2.23%	2.00%	3.13%	5.41%	2.38%	1.95%	1.88%	1.12%	2.03%	1.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.52
(-) Cash Dividends Paid (M)	11.18
(=) Cash Retained (M)	211.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.50	27.81	16.69
Cash Retained (M)	211.34	211.34	211.34
(-) Cash Required (M)	-44.50	-27.81	-16.69
(=) Excess Retained (M)	166.84	183.53	194.66
(/) Shares Outstanding (M)	39.91	39.91	39.91
(=) Excess Retained per Share	4.18	4.60	4.88
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	4.18	4.60	4.88
(=) Adjusted Dividend	4.46	4.88	5.16
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$104.61	$148.51	$221.91
Upside / Downside	1,024.79%	1,496.91%	2,286.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.52	236.98	252.39	268.79	286.26	304.87	314.02
Payout Ratio	5.02%	22.02%	39.01%	56.01%	73.00%	90.00%	92.50%
Projected Dividends (M)	11.18	52.18	98.46	150.55	208.98	274.38	290.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	46.99	47.44	47.88
Year 2 PV (M)	79.86	81.38	82.91
Year 3 PV (M)	109.96	113.11	116.33
Year 4 PV (M)	137.46	142.75	148.19
Year 5 PV (M)	162.53	170.38	178.53
PV of Terminal Value (M)	2,458.61	2,577.36	2,700.66
Equity Value (M)	2,995.41	3,132.42	3,274.50
Shares Outstanding (M)	39.91	39.91	39.91
Fair Value	$75.05	$78.48	$82.04
Upside / Downside	706.98%	743.89%	782.17%

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Manchester & London Investment Trust plc (MNL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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