DDM Analysis: SEQI.L

Valuation Snapshot

Stable Growth	$1.14 - $1.62	$1.38
Multi-Stage	$1.88 - $2.06	$1.97
Blended Fair Value	$1.67
Current Price	$0.78
Upside	114.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017
DPS	6.67%	0.00%	0.09	0.09	0.09	0.09	0.08	0.06	0.05	0.03	0.02	0.00
YoY Growth	-	-	-5.86%	2.98%	6.42%	5.51%	26.88%	42.59%	30.01%	75.22%	0.00%	0.00%
Dividend Yield	-	-	11.34%	11.59%	11.40%	8.36%	7.85%	6.84%	4.03%	3.30%	1.83%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	212.47
(-) Cash Dividends Paid (M)	168.38
(=) Cash Retained (M)	44.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.49	26.56	15.94
Cash Retained (M)	44.09	44.09	44.09
(-) Cash Required (M)	-42.49	-26.56	-15.94
(=) Excess Retained (M)	1.59	17.53	28.15
(/) Shares Outstanding (M)	1,227.57	1,227.57	1,227.57
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.14	$1.38	$1.62
Upside / Downside	46.59%	76.86%	107.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	212.47	210.34	208.24	206.16	204.10	202.06	208.12
Payout Ratio	79.25%	81.40%	83.55%	85.70%	87.85%	90.00%	92.50%
Projected Dividends (M)	168.38	171.22	173.98	176.68	179.30	181.85	192.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	154.25	155.82	157.39
Year 2 PV (M)	141.20	144.10	147.02
Year 3 PV (M)	129.17	133.17	137.24
Year 4 PV (M)	118.09	122.99	128.03
Year 5 PV (M)	107.90	113.52	119.37
PV of Terminal Value (M)	1,659.58	1,746.00	1,835.98
Equity Value (M)	2,310.19	2,415.58	2,525.04
Shares Outstanding (M)	1,227.57	1,227.57	1,227.57
Fair Value	$1.88	$1.97	$2.06
Upside / Downside	141.58%	152.60%	164.05%

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Sequoia Economic Infrastructure Income Fund Limited (SEQI.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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