DDM Analysis: SNWS.L

Valuation Snapshot

Stable Growth	$0.89 - $1.19	$1.05
Multi-Stage	$1.58 - $1.73	$1.65
Blended Fair Value	$1.35
Current Price	$0.55
Upside	146.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	-4.82%	0.04	0.04	0.02	0.00	0.01	0.00	0.10	0.10	0.09	0.09
YoY Growth	-	-	10.20%	60.66%	408.33%	-50.00%	0.00%	-100.00%	2.12%	3.96%	6.07%	20.90%
Dividend Yield	-	-	7.60%	9.28%	8.00%	1.20%	4.83%	0.00%	31.50%	9.32%	5.57%	5.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.80
(-) Cash Dividends Paid (M)	20.70
(=) Cash Retained (M)	30.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.16	6.35	3.81
Cash Retained (M)	30.10	30.10	30.10
(-) Cash Required (M)	-10.16	-6.35	-3.81
(=) Excess Retained (M)	19.94	23.75	26.29
(/) Shares Outstanding (M)	248.38	248.38	248.38
(=) Excess Retained per Share	0.08	0.10	0.11
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.08	0.10	0.11
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	10.28%	10.28%	10.28%
Growth Rate	-6.82%	-5.82%	-4.82%
Fair Value	$0.89	$1.05	$1.19
Upside / Downside	62.71%	91.04%	117.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.80	47.84	45.06	42.44	39.97	37.64	38.77
Payout Ratio	40.75%	50.60%	60.45%	70.30%	80.15%	90.00%	92.50%
Projected Dividends (M)	20.70	24.21	27.24	29.83	32.04	33.88	35.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.28%	10.28%	10.28%
Growth Rate	-6.82%	-5.82%	-4.82%
Year 1 PV (M)	21.72	21.95	22.18
Year 2 PV (M)	21.92	22.40	22.87
Year 3 PV (M)	21.54	22.24	22.96
Year 4 PV (M)	20.75	21.66	22.59
Year 5 PV (M)	19.69	20.77	21.90
PV of Terminal Value (M)	286.29	301.98	318.36
Equity Value (M)	391.92	411.00	430.87
Shares Outstanding (M)	248.38	248.38	248.38
Fair Value	$1.58	$1.65	$1.73
Upside / Downside	187.93%	201.95%	216.55%

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Smiths News plc (SNWS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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