DDM Analysis: PCFT.L

Valuation Snapshot

Stable Growth	$17.33 - $49.06	$27.03
Multi-Stage	$11.48 - $12.56	$12.01
Blended Fair Value	$19.52
Current Price	$2.07
Upside	842.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.02%	12.60%	0.05	0.05	0.04	0.02	0.02	0.03	0.03	0.02	0.02	0.02
YoY Growth	-	-	-2.38%	6.15%	91.79%	0.90%	-19.61%	6.19%	28.90%	10.74%	3.43%	29.68%
Dividend Yield	-	-	2.35%	3.39%	2.86%	1.35%	1.67%	1.98%	2.04%	1.51%	1.54%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	215.04
(-) Cash Dividends Paid (M)	24.60
(=) Cash Retained (M)	190.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.01	26.88	16.13
Cash Retained (M)	190.44	190.44	190.44
(-) Cash Required (M)	-43.01	-26.88	-16.13
(=) Excess Retained (M)	147.44	163.56	174.32
(/) Shares Outstanding (M)	305.59	305.59	305.59
(=) Excess Retained per Share	0.48	0.54	0.57
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.48	0.54	0.57
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.33	$27.03	$49.06
Upside / Downside	737.40%	1,205.67%	2,270.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	215.04	229.02	243.91	259.76	276.65	294.63	303.47
Payout Ratio	11.44%	27.15%	42.86%	58.58%	74.29%	90.00%	92.50%
Projected Dividends (M)	24.60	62.18	104.55	152.16	205.51	265.16	280.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.93%	8.93%	8.93%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	56.55	57.09	57.62
Year 2 PV (M)	86.47	88.11	89.78
Year 3 PV (M)	114.45	117.73	121.08
Year 4 PV (M)	140.58	145.99	151.55
Year 5 PV (M)	164.96	172.92	181.20
PV of Terminal Value (M)	2,946.62	3,088.94	3,236.71
Equity Value (M)	3,509.62	3,670.78	3,837.93
Shares Outstanding (M)	305.59	305.59	305.59
Fair Value	$11.48	$12.01	$12.56
Upside / Downside	454.81%	480.29%	506.71%

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Polar Capital Global Financials Trust plc (PCFT.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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