DDM Analysis: NIOX.L

Valuation Snapshot

Stable Growth	$0.24 - $0.35	$0.30
Multi-Stage	$0.40 - $0.44	$0.42
Blended Fair Value	$0.36
Current Price	$0.68
Upside	-47.35%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.20
(-) Cash Dividends Paid (M)	13.40
(=) Cash Retained (M)	2.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.24	2.03	1.22
Cash Retained (M)	2.80	2.80	2.80
(-) Cash Required (M)	-3.24	-2.03	-1.22
(=) Excess Retained (M)	-0.44	0.78	1.59
(/) Shares Outstanding (M)	431.71	431.71	431.71
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.24	$0.30	$0.35
Upside / Downside	-63.99%	-56.59%	-49.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.20	16.04	15.88	15.72	15.56	15.41	15.87
Payout Ratio	82.72%	84.17%	85.63%	87.09%	88.54%	90.00%	92.50%
Projected Dividends (M)	13.40	13.50	13.60	13.69	13.78	13.87	14.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.15	12.27	12.39
Year 2 PV (M)	11.01	11.23	11.46
Year 3 PV (M)	9.97	10.28	10.60
Year 4 PV (M)	9.03	9.41	9.79
Year 5 PV (M)	8.18	8.60	9.05
PV of Terminal Value (M)	123.45	129.88	136.57
Equity Value (M)	173.79	181.67	189.86
Shares Outstanding (M)	431.71	431.71	431.71
Fair Value	$0.40	$0.42	$0.44
Upside / Downside	-40.80%	-38.11%	-35.32%

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NIOX Group Plc (NIOX.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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