DDM Analysis: TST.L

Valuation Snapshot

Stable Growth	$0.54 - $0.78	$0.66
Multi-Stage	$0.83 - $0.91	$0.87
Blended Fair Value	$0.77
Current Price	$0.91
Upside	-15.38%
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	0.00%	9.31%	0.03	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	200.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.11%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	0.64
(-) Cash Dividends Paid (M)	0.35
(=) Cash Retained (M)	0.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.13	0.08	0.05
Cash Retained (M)	0.28	0.28	0.28
(-) Cash Required (M)	-0.13	-0.08	-0.05
(=) Excess Retained (M)	0.16	0.20	0.24
(/) Shares Outstanding (M)	8.32	8.32	8.32
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-1.29%	-0.29%	0.71%
Fair Value	$0.54	$0.66	$0.78
Upside / Downside	-40.07%	-27.25%	-13.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	0.64	0.63	0.63	0.63	0.63	0.63	0.64
Payout Ratio	55.43%	62.35%	69.26%	76.17%	83.09%	90.00%	92.50%
Projected Dividends (M)	0.35	0.39	0.44	0.48	0.52	0.56	0.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	-1.29%	-0.29%	0.71%
Year 1 PV (M)	0.36	0.36	0.36
Year 2 PV (M)	0.36	0.36	0.37
Year 3 PV (M)	0.35	0.36	0.37
Year 4 PV (M)	0.34	0.36	0.37
Year 5 PV (M)	0.34	0.35	0.37
PV of Terminal Value (M)	5.20	5.47	5.75
Equity Value (M)	6.94	7.26	7.59
Shares Outstanding (M)	8.32	8.32	8.32
Fair Value	$0.83	$0.87	$0.91
Upside / Downside	-7.80%	-3.52%	0.92%

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Touchstar plc (TST.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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