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Iniziative Bresciane S.p.A. (IB.MI)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$25.43 - $74.26$40.02
Multi-Stage$28.31 - $30.98$29.62
Blended Fair Value$34.82
Current Price$12.40
Upside180.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.76%1.45%0.660.200.870.780.530.520.440.470.520.71
YoY Growth--224.49%-76.70%11.70%46.80%1.77%17.72%-4.91%-9.38%-27.65%24.69%
Dividend Yield--4.56%1.38%4.97%4.03%3.27%3.18%2.34%2.36%2.77%3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5.42
(-) Cash Dividends Paid (M)4.96
(=) Cash Retained (M)0.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.080.680.41
Cash Retained (M)0.450.450.45
(-) Cash Required (M)-1.08-0.68-0.41
(=) Excess Retained (M)-0.63-0.220.05
(/) Shares Outstanding (M)5.245.245.24
(=) Excess Retained per Share-0.12-0.040.01
LTM Dividend per Share0.950.950.95
(+) Excess Retained per Share-0.12-0.040.01
(=) Adjusted Dividend0.830.900.96
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate3.14%4.14%5.14%
Fair Value$25.43$40.02$74.26
Upside / Downside105.09%222.72%498.89%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5.425.645.876.126.376.636.83
Payout Ratio91.62%91.29%90.97%90.65%90.32%90.00%92.50%
Projected Dividends (M)4.965.155.345.555.755.976.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.49%6.49%6.49%
Growth Rate3.14%4.14%5.14%
Year 1 PV (M)4.794.844.88
Year 2 PV (M)4.624.714.80
Year 3 PV (M)4.464.594.73
Year 4 PV (M)4.314.474.65
Year 5 PV (M)4.154.364.57
PV of Terminal Value (M)126.02132.25138.72
Equity Value (M)148.35155.22162.36
Shares Outstanding (M)5.245.245.24
Fair Value$28.31$29.62$30.98
Upside / Downside128.29%138.86%149.84%

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