DDM Analysis: MONY.L

Valuation Snapshot

Stable Growth	$2.46 - $3.66	$3.03
Multi-Stage	$3.48 - $3.79	$3.63
Blended Fair Value	$3.33
Current Price	$2.21
Upside	50.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.11%	4.93%	0.12	0.12	0.12	0.12	0.12	0.19	0.10	0.10	0.09	0.08
YoY Growth	-	-	3.31%	0.96%	0.00%	0.00%	-37.20%	76.99%	4.44%	5.79%	13.67%	11.12%
Dividend Yield	-	-	6.33%	4.20%	6.07%	5.39%	4.46%	5.60%	3.80%	2.79%	3.23%	2.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	158.50
(-) Cash Dividends Paid (M)	132.00
(=) Cash Retained (M)	26.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.70	19.81	11.89
Cash Retained (M)	26.50	26.50	26.50
(-) Cash Required (M)	-31.70	-19.81	-11.89
(=) Excess Retained (M)	-5.20	6.69	14.61
(/) Shares Outstanding (M)	539.18	539.18	539.18
(=) Excess Retained per Share	-0.01	0.01	0.03
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.01	0.01	0.03
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	10.11%	10.11%	10.11%
Growth Rate	0.49%	1.49%	2.49%
Fair Value	$2.46	$3.03	$3.66
Upside / Downside	11.19%	37.07%	65.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	158.50	160.86	163.25	165.69	168.15	170.66	175.78
Payout Ratio	83.28%	84.62%	85.97%	87.31%	88.66%	90.00%	92.50%
Projected Dividends (M)	132.00	136.13	140.35	144.66	149.08	153.59	162.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.11%	10.11%	10.11%
Growth Rate	0.49%	1.49%	2.49%
Year 1 PV (M)	122.41	123.63	124.85
Year 2 PV (M)	113.50	115.77	118.06
Year 3 PV (M)	105.20	108.37	111.61
Year 4 PV (M)	97.49	101.43	105.49
Year 5 PV (M)	90.32	94.91	99.68
PV of Terminal Value (M)	1,345.53	1,413.83	1,484.87
Equity Value (M)	1,874.46	1,957.93	2,044.55
Shares Outstanding (M)	539.18	539.18	539.18
Fair Value	$3.48	$3.63	$3.79
Upside / Downside	57.31%	64.31%	71.58%

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Mony Group PLC (MONY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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