DDM Analysis: MUT.L

Valuation Snapshot

Stable Growth	$7.83 - $11.23	$9.49
Multi-Stage	$13.25 - $14.50	$13.86
Blended Fair Value	$11.68
Current Price	$8.54
Upside	36.75%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	11.15%	6.26%	0.37	0.43	0.40	0.39	0.27	0.22	0.21	0.23	0.25	0.21
YoY Growth	-	-	-12.77%	8.03%	2.60%	40.71%	24.69%	4.43%	-8.11%	-9.09%	20.87%	2.58%
Dividend Yield	-	-	4.38%	5.02%	4.74%	4.65%	3.16%	2.87%	2.48%	2.93%	3.18%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	117.66
(-) Cash Dividends Paid (M)	83.64
(=) Cash Retained (M)	34.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.53	14.71	8.82
Cash Retained (M)	34.02	34.02	34.02
(-) Cash Required (M)	-23.53	-14.71	-8.82
(=) Excess Retained (M)	10.48	19.31	25.19
(/) Shares Outstanding (M)	104.17	104.17	104.17
(=) Excess Retained per Share	0.10	0.19	0.24
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.10	0.19	0.24
(=) Adjusted Dividend	0.90	0.99	1.04
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$7.83	$9.49	$11.23
Upside / Downside	-8.28%	11.17%	31.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	117.66	116.48	115.32	114.16	113.02	111.89	115.25
Payout Ratio	71.09%	74.87%	78.65%	82.44%	86.22%	90.00%	92.50%
Projected Dividends (M)	83.64	87.21	90.70	94.11	97.45	100.70	106.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.31%	9.31%	9.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	78.98	79.79	80.59
Year 2 PV (M)	74.39	75.92	77.46
Year 3 PV (M)	69.90	72.06	74.27
Year 4 PV (M)	65.55	68.27	71.07
Year 5 PV (M)	61.35	64.54	67.87
PV of Terminal Value (M)	1,029.99	1,083.63	1,139.47
Equity Value (M)	1,380.16	1,444.20	1,510.73
Shares Outstanding (M)	104.17	104.17	104.17
Fair Value	$13.25	$13.86	$14.50
Upside / Downside	55.14%	62.33%	69.81%

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Murray Income Trust PLC (MUT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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