DDM Analysis: RCH.L

Valuation Snapshot

Stable Growth	$1.83 - $2.59	$2.20
Multi-Stage	$3.52 - $3.87	$3.69
Blended Fair Value	$2.95
Current Price	$0.73
Upside	302.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.52%	0.00%	0.07	0.07	0.07	0.07	0.00	0.06	0.05	0.05	0.05	0.04
YoY Growth	-	-	0.43%	0.87%	5.05%	0.00%	-100.00%	6.29%	14.38%	4.79%	16.80%	0.00%
Dividend Yield	-	-	8.73%	9.67%	7.55%	2.41%	0.00%	4.45%	8.67%	6.29%	4.49%	2.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.40
(-) Cash Dividends Paid (M)	46.40
(=) Cash Retained (M)	45.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.28	11.43	6.86
Cash Retained (M)	45.00	45.00	45.00
(-) Cash Required (M)	-18.28	-11.43	-6.86
(=) Excess Retained (M)	26.72	33.58	38.15
(/) Shares Outstanding (M)	319.05	319.05	319.05
(=) Excess Retained per Share	0.08	0.11	0.12
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.08	0.11	0.12
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	-3.65%	-2.65%	-1.65%
Fair Value	$1.83	$2.20	$2.59
Upside / Downside	149.69%	200.84%	253.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.40	88.98	86.61	84.32	82.08	79.90	82.30
Payout Ratio	50.77%	58.61%	66.46%	74.31%	82.15%	90.00%	92.50%
Projected Dividends (M)	46.40	52.15	57.56	62.65	67.43	71.91	76.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.43%	8.43%	8.43%
Growth Rate	-3.65%	-2.65%	-1.65%
Year 1 PV (M)	47.60	48.10	48.59
Year 2 PV (M)	47.96	48.96	49.97
Year 3 PV (M)	47.65	49.15	50.68
Year 4 PV (M)	46.81	48.79	50.82
Year 5 PV (M)	45.57	47.98	50.50
PV of Terminal Value (M)	888.81	935.90	984.97
Equity Value (M)	1,124.41	1,178.88	1,235.54
Shares Outstanding (M)	319.05	319.05	319.05
Fair Value	$3.52	$3.69	$3.87
Upside / Downside	381.45%	404.77%	429.03%

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Reach plc (RCH.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener