DDM Analysis: VCAP.L

Valuation Snapshot

Stable Growth	$0.50 - $0.73	$0.61
Multi-Stage	$0.89 - $0.97	$0.93
Blended Fair Value	$0.77
Current Price	$0.30
Upside	157.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.03	0.03	0.02	0.01	0.02	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.79%	10.18%	157.75%	-42.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	7.67%	5.84%	5.24%	2.24%	3.91%	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)	3.13
(-) Cash Dividends Paid (M)	2.29
(=) Cash Retained (M)	0.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.63	0.39	0.23
Cash Retained (M)	0.84	0.84	0.84
(-) Cash Required (M)	-0.63	-0.39	-0.23
(=) Excess Retained (M)	0.21	0.44	0.60
(/) Shares Outstanding (M)	45.24	45.24	45.24
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.06	0.06	0.06
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.50	$0.61	$0.73
Upside / Downside	67.70%	104.27%	143.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3.13	3.09	3.06	3.03	3.00	2.97	3.06
Payout Ratio	73.28%	76.62%	79.97%	83.31%	86.66%	90.00%	92.50%
Projected Dividends (M)	2.29	2.37	2.45	2.53	2.60	2.67	2.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.76%	8.76%	8.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.16	2.18	2.20
Year 2 PV (M)	2.03	2.07	2.11
Year 3 PV (M)	1.90	1.96	2.02
Year 4 PV (M)	1.78	1.86	1.94
Year 5 PV (M)	1.67	1.76	1.85
PV of Terminal Value (M)	30.68	32.28	33.94
Equity Value (M)	40.23	42.11	44.06
Shares Outstanding (M)	45.24	45.24	45.24
Fair Value	$0.89	$0.93	$0.97
Upside / Downside	196.37%	210.23%	224.63%

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Vector Capital Plc (VCAP.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener