DDM Analysis: NAS.L

Valuation Snapshot

Stable Growth	$17.01 - $24.09	$20.51
Multi-Stage	$25.32 - $27.81	$26.54
Blended Fair Value	$23.52
Current Price	$3.93
Upside	498.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	16.66%	0.00%	0.21	0.07	0.00	0.00	0.10	0.10	0.00	0.00	0.00	0.00
YoY Growth	-	-	207.32%	0.00%	0.00%	-100.00%	-0.61%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	0.19%	0.00%	0.00%	0.26%	0.29%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.05
(-) Cash Dividends Paid (M)	20.82
(=) Cash Retained (M)	91.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.41	14.01	8.40
Cash Retained (M)	91.23	91.23	91.23
(-) Cash Required (M)	-22.41	-14.01	-8.40
(=) Excess Retained (M)	68.82	77.22	82.82
(/) Shares Outstanding (M)	43.03	43.03	43.03
(=) Excess Retained per Share	1.60	1.79	1.92
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	1.60	1.79	1.92
(=) Adjusted Dividend	2.08	2.28	2.41
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$17.01	$20.51	$24.09
Upside / Downside	332.93%	421.84%	512.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.05	110.93	109.82	108.72	107.64	106.56	109.76
Payout Ratio	18.58%	32.87%	47.15%	61.43%	75.72%	90.00%	92.50%
Projected Dividends (M)	20.82	36.46	51.78	66.79	81.50	95.90	101.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	32.81	33.14	33.48
Year 2 PV (M)	41.93	42.79	43.66
Year 3 PV (M)	48.68	50.18	51.72
Year 4 PV (M)	53.45	55.66	57.95
Year 5 PV (M)	56.60	59.55	62.62
PV of Terminal Value (M)	855.98	900.55	946.96
Equity Value (M)	1,089.45	1,141.89	1,196.39
Shares Outstanding (M)	43.03	43.03	43.03
Fair Value	$25.32	$26.54	$27.81
Upside / Downside	544.28%	575.29%	607.53%

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FRME	First Merchants Corporation	3.83%	$1.44	35.39%
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LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
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FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
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EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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North Atlantic Smaller Companies Investment Trust PLC (NAS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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