DDM Analysis: VTAS.L

Valuation Snapshot

Stable Growth	$19.80 - $29.05	$24.25
Multi-Stage	$34.40 - $37.77	$36.06
Blended Fair Value	$30.15
Current Price	$6.13
Upside	391.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.05%	1.69%	0.55	0.51	0.57	0.51	0.53	0.61	0.62	0.62	0.62	0.61
YoY Growth	-	-	7.86%	-10.54%	11.71%	-3.75%	-13.07%	-1.58%	0.05%	0.07%	1.71%	30.79%
Dividend Yield	-	-	10.76%	10.06%	10.54%	8.38%	11.45%	8.97%	7.41%	7.34%	6.98%	5.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.12
(-) Cash Dividends Paid (M)	40.42
(=) Cash Retained (M)	53.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.82	11.77	7.06
Cash Retained (M)	53.70	53.70	53.70
(-) Cash Required (M)	-18.82	-11.77	-7.06
(=) Excess Retained (M)	34.88	41.93	46.64
(/) Shares Outstanding (M)	36.58	36.58	36.58
(=) Excess Retained per Share	0.95	1.15	1.28
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	0.95	1.15	1.28
(=) Adjusted Dividend	2.06	2.25	2.38
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	-1.81%	-0.81%	0.19%
Fair Value	$19.80	$24.25	$29.05
Upside / Downside	222.99%	295.63%	373.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.12	93.36	92.60	91.84	91.10	90.36	93.07
Payout Ratio	42.95%	52.36%	61.77%	71.18%	80.59%	90.00%	92.50%
Projected Dividends (M)	40.42	48.88	57.19	65.37	73.42	81.32	86.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.40%	8.40%	8.40%
Growth Rate	-1.81%	-0.81%	0.19%
Year 1 PV (M)	44.64	45.09	45.55
Year 2 PV (M)	47.70	48.68	49.66
Year 3 PV (M)	49.79	51.33	52.90
Year 4 PV (M)	51.07	53.18	55.36
Year 5 PV (M)	51.66	54.35	57.14
PV of Terminal Value (M)	1,013.62	1,066.30	1,121.15
Equity Value (M)	1,258.48	1,318.93	1,381.75
Shares Outstanding (M)	36.58	36.58	36.58
Fair Value	$34.40	$36.06	$37.77
Upside / Downside	461.22%	488.18%	516.20%

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Volta Finance Limited (VTAS.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener