DDM Analysis: WIL.L

Valuation Snapshot

Stable Growth	$3.82 - $6.27	$4.91
Multi-Stage	$4.34 - $4.73	$4.53
Blended Fair Value	$4.72
Current Price	$3.40
Upside	38.83%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.38%	4.80%	0.11	0.10	0.08	0.06	0.02	0.05	0.09	0.08	0.08	0.07
YoY Growth	-	-	11.21%	22.66%	35.87%	200.27%	-58.22%	-43.78%	3.63%	5.09%	5.43%	6.47%
Dividend Yield	-	-	3.29%	2.63%	2.95%	2.63%	0.95%	3.88%	4.30%	3.43%	3.35%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30.14
(-) Cash Dividends Paid (M)	19.33
(=) Cash Retained (M)	10.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.03	3.77	2.26
Cash Retained (M)	10.81	10.81	10.81
(-) Cash Required (M)	-6.03	-3.77	-2.26
(=) Excess Retained (M)	4.78	7.04	8.55
(/) Shares Outstanding (M)	90.95	90.95	90.95
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	2.80%	3.80%	4.80%
Fair Value	$3.82	$4.91	$6.27
Upside / Downside	12.46%	44.47%	84.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30.14	31.28	32.47	33.70	34.99	36.31	37.40
Payout Ratio	64.14%	69.32%	74.49%	79.66%	84.83%	90.00%	92.50%
Projected Dividends (M)	19.33	21.68	24.19	26.85	29.68	32.68	34.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	2.80%	3.80%	4.80%
Year 1 PV (M)	19.54	19.73	19.92
Year 2 PV (M)	19.63	20.02	20.40
Year 3 PV (M)	19.63	20.21	20.80
Year 4 PV (M)	19.55	20.32	21.12
Year 5 PV (M)	19.40	20.36	21.36
PV of Terminal Value (M)	296.52	311.22	326.51
Equity Value (M)	394.27	411.86	430.11
Shares Outstanding (M)	90.95	90.95	90.95
Fair Value	$4.34	$4.53	$4.73
Upside / Downside	27.51%	33.19%	39.09%

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Wilmington plc (WIL.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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