DDM Analysis: TPFG.L

Valuation Snapshot

Stable Growth	$10.08 - $23.59	$14.80
Multi-Stage	$7.35 - $8.02	$7.68
Blended Fair Value	$11.24
Current Price	$5.50
Upside	104.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.33%	41.20%	0.18	0.09	0.08	0.06	0.01	0.05	0.04	0.03	0.03	0.02
YoY Growth	-	-	110.41%	11.86%	31.04%	439.11%	-75.59%	10.26%	18.79%	20.43%	42.22%	246.15%
Dividend Yield	-	-	4.52%	2.50%	3.46%	1.92%	0.58%	2.26%	3.62%	2.54%	2.29%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.65
(-) Cash Dividends Paid (M)	10.49
(=) Cash Retained (M)	13.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.73	2.96	1.77
Cash Retained (M)	13.16	13.16	13.16
(-) Cash Required (M)	-4.73	-2.96	-1.77
(=) Excess Retained (M)	8.43	10.20	11.38
(/) Shares Outstanding (M)	49.18	49.18	49.18
(=) Excess Retained per Share	0.17	0.21	0.23
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.17	0.21	0.23
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.08	$14.80	$23.59
Upside / Downside	83.23%	169.15%	328.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.65	25.18	26.82	28.56	30.42	32.40	33.37
Payout Ratio	44.35%	53.48%	62.61%	71.74%	80.87%	90.00%	92.50%
Projected Dividends (M)	10.49	13.47	16.79	20.49	24.60	29.16	30.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.18	12.30	12.41
Year 2 PV (M)	13.74	14.00	14.26
Year 3 PV (M)	15.16	15.60	16.04
Year 4 PV (M)	16.46	17.09	17.75
Year 5 PV (M)	17.65	18.50	19.38
PV of Terminal Value (M)	286.23	300.05	314.40
Equity Value (M)	361.41	377.54	394.25
Shares Outstanding (M)	49.18	49.18	49.18
Fair Value	$7.35	$7.68	$8.02
Upside / Downside	33.61%	39.57%	45.75%

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The Property Franchise Group PLC (TPFG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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