DDM Analysis: TSTL.L

Valuation Snapshot

Stable Growth	$6.01 - $16.07	$9.21
Multi-Stage	$4.43 - $4.82	$4.62
Blended Fair Value	$6.92
Current Price	$4.25
Upside	62.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.01%	36.76%	0.13	0.09	0.06	0.06	0.05	0.05	0.04	0.06	0.05	0.02
YoY Growth	-	-	37.97%	45.94%	2.45%	15.11%	18.60%	21.56%	-34.77%	6.33%	248.54%	176.47%
Dividend Yield	-	-	2.84%	2.65%	1.83%	0.99%	1.29%	1.60%	1.19%	3.05%	5.12%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.17
(-) Cash Dividends Paid (M)	11.41
(=) Cash Retained (M)	0.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.43	1.52	0.91
Cash Retained (M)	0.76	0.76	0.76
(-) Cash Required (M)	-2.43	-1.52	-0.91
(=) Excess Retained (M)	-1.67	-0.76	-0.15
(/) Shares Outstanding (M)	47.89	47.89	47.89
(=) Excess Retained per Share	-0.03	-0.02	0.00
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.03	-0.02	0.00
(=) Adjusted Dividend	0.20	0.22	0.24
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.01	$9.21	$16.07
Upside / Downside	41.30%	116.64%	278.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.17	12.97	13.81	14.71	15.66	16.68	17.18
Payout Ratio	93.73%	92.99%	92.24%	91.49%	90.75%	90.00%	92.50%
Projected Dividends (M)	11.41	12.06	12.74	13.45	14.21	15.01	15.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.07%	9.07%	9.07%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.95	11.05	11.16
Year 2 PV (M)	10.51	10.71	10.91
Year 3 PV (M)	10.08	10.37	10.66
Year 4 PV (M)	9.67	10.04	10.42
Year 5 PV (M)	9.28	9.72	10.19
PV of Terminal Value (M)	161.69	169.50	177.61
Equity Value (M)	212.17	221.39	230.95
Shares Outstanding (M)	47.89	47.89	47.89
Fair Value	$4.43	$4.62	$4.82
Upside / Downside	4.25%	8.78%	13.48%

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Tristel PLC (TSTL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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