DDM Analysis: SAA.L

Valuation Snapshot

Stable Growth	$4.29 - $12.82	$6.79
Multi-Stage	$2.86 - $3.12	$2.99
Blended Fair Value	$4.89
Current Price	$1.94
Upside	152.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-27.63%	-6.14%	0.02	0.01	0.00	0.00	0.00	0.08	0.07	0.05	0.04	0.04
YoY Growth	-	-	6.22%	0.00%	0.00%	0.00%	-100.00%	17.13%	24.16%	23.64%	17.07%	27.03%
Dividend Yield	-	-	0.93%	0.94%	0.00%	0.00%	0.00%	6.41%	2.35%	1.42%	1.16%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.71
(-) Cash Dividends Paid (M)	6.14
(=) Cash Retained (M)	14.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.14	2.59	1.55
Cash Retained (M)	14.57	14.57	14.57
(-) Cash Required (M)	-4.14	-2.59	-1.55
(=) Excess Retained (M)	10.43	11.98	13.02
(/) Shares Outstanding (M)	123.44	123.44	123.44
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.13	0.15	0.16
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.29	$6.79	$12.82
Upside / Downside	121.09%	250.20%	560.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.71	22.05	23.48	25.01	26.64	28.37	29.22
Payout Ratio	29.64%	41.71%	53.78%	65.85%	77.93%	90.00%	92.50%
Projected Dividends (M)	6.14	9.20	12.63	16.47	20.76	25.53	27.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.80%	8.80%	8.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8.37	8.45	8.53
Year 2 PV (M)	10.47	10.67	10.87
Year 3 PV (M)	12.43	12.79	13.15
Year 4 PV (M)	14.26	14.81	15.38
Year 5 PV (M)	15.97	16.75	17.55
PV of Terminal Value (M)	291.52	305.60	320.22
Equity Value (M)	353.03	369.07	385.70
Shares Outstanding (M)	123.44	123.44	123.44
Fair Value	$2.86	$2.99	$3.12
Upside / Downside	47.43%	54.12%	61.07%

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M&C Saatchi plc (SAA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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