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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | £0.28 - £0.28 | £0.28 |
| Adjusted Dividend Yield | 7.2% - 7.2% | 7.2% |
| Perpetuity Growth Rate | 0.8% - 1.3% | 1.0% |
| Discount Rate | 17.6% - 15.6% | 16.6% |
| Fair Value | £1.69 - £2 | £1.83 |
| Upside | -57.1% - -49.4% | -53.6% |
| Calculate Adjusted Dividend | ||||||||
| (GBP in millions) | Latest | Notes | ||||||
| Net Income To Common | 5 | |||||||
| (-) Cash Dividends Paid | (55) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 5 | 5 | 5 | |||||
| (=) Cash Required | 1 | 1 | 0 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (1) | (1) | (0) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (GBP) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 192.3 | 192.3 | 192.3 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.28 | 0.28 | 0.28 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.28 | 0.28 | 0.28 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.28 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 15.6% | 16.1% | 16.6% | 17.1% | 17.6% | |||
| 0.0% | 1.81 | 1.76 | 1.71 | 1.66 | 1.61 | |||
| 0.0% | 1.81 | 1.76 | 1.71 | 1.66 | 1.61 | |||
| 1.0% | 1.96 | 1.89 | 1.83 | 1.78 | 1.72 | |||
| 2.0% | 2.12 | 2.05 | 1.98 | 1.91 | 1.85 | |||
| 3.0% | 2.31 | 2.22 | 2.14 | 2.07 | 2.00 | |||