DDM Analysis: RIII.L

Valuation Snapshot

Stable Growth	$19.62 - $27.54	$23.55
Multi-Stage	$30.27 - $33.23	$31.72
Blended Fair Value	$27.64
Current Price	$21.85
Upside	26.48%
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	-1.44%	-0.55%	0.45	0.47	0.48	0.47	0.47	0.48	0.49	0.51	0.48	0.45
YoY Growth	-	-	-4.79%	-2.79%	3.46%	-0.12%	-2.76%	-1.42%	-4.08%	6.61%	6.21%	-4.96%
Dividend Yield	-	-	1.88%	2.21%	2.56%	1.71%	2.23%	2.17%	2.48%	2.41%	2.68%	3.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.38
(-) Cash Dividends Paid (M)	4.20
(=) Cash Retained (M)	12.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.28	2.05	1.23
Cash Retained (M)	12.19	12.19	12.19
(-) Cash Required (M)	-3.28	-2.05	-1.23
(=) Excess Retained (M)	8.91	10.14	10.96
(/) Shares Outstanding (M)	5.19	5.19	5.19
(=) Excess Retained per Share	1.72	1.95	2.11
LTM Dividend per Share	0.81	0.81	0.81
(+) Excess Retained per Share	1.72	1.95	2.11
(=) Adjusted Dividend	2.53	2.76	2.92
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.55%	-1.55%	-0.55%
Fair Value	$19.62	$23.55	$27.54
Upside / Downside	-10.22%	7.79%	26.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.38	16.13	15.88	15.63	15.39	15.15	15.60
Payout Ratio	25.62%	38.49%	51.37%	64.25%	77.12%	90.00%	92.50%
Projected Dividends (M)	4.20	6.21	8.16	10.04	11.87	13.63	14.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.55%	-1.55%	-0.55%
Year 1 PV (M)	5.59	5.64	5.70
Year 2 PV (M)	6.60	6.74	6.88
Year 3 PV (M)	7.32	7.54	7.78
Year 4 PV (M)	7.78	8.11	8.44
Year 5 PV (M)	8.04	8.47	8.90
PV of Terminal Value (M)	121.66	128.03	134.67
Equity Value (M)	157.00	164.54	172.37
Shares Outstanding (M)	5.19	5.19	5.19
Fair Value	$30.27	$31.72	$33.23
Upside / Downside	38.52%	45.17%	52.09%

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Rights and Issues Investment Trust Public Limited Company (RIII.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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