DDM Analysis: MARE.MI

Valuation Snapshot

Stable Growth	$4.56 - $13.26	$7.17
Multi-Stage	$16.34 - $18.05	$17.18
Blended Fair Value	$12.17
Current Price	$3.29
Upside	270.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.03	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-71.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.87%	2.73%	0.00%	0.00%	0.00%	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)	2.32
(-) Cash Dividends Paid (M)	0.68
(=) Cash Retained (M)	1.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.46	0.29	0.17
Cash Retained (M)	1.64	1.64	1.64
(-) Cash Required (M)	-0.46	-0.29	-0.17
(=) Excess Retained (M)	1.18	1.35	1.47
(/) Shares Outstanding (M)	11.86	11.86	11.86
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	1.37%	1.37%	1.37%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.56	$7.17	$13.26
Upside / Downside	38.66%	117.97%	303.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2.32	2.30	2.28	2.25	2.23	2.21	2.27
Payout Ratio	29.31%	41.44%	53.58%	65.72%	77.86%	90.00%	92.50%
Projected Dividends (M)	0.68	0.95	1.22	1.48	1.74	1.99	2.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.37%	1.37%	1.37%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	0.93	0.94	0.95
Year 2 PV (M)	1.16	1.19	1.21
Year 3 PV (M)	1.38	1.42	1.47
Year 4 PV (M)	1.58	1.65	1.71
Year 5 PV (M)	1.77	1.86	1.95
PV of Terminal Value (M)	186.87	196.60	206.73
Equity Value (M)	193.69	203.65	214.02
Shares Outstanding (M)	11.86	11.86	11.86
Fair Value	$16.34	$17.18	$18.05
Upside / Downside	396.52%	422.06%	448.65%

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Mare Engineering Group S.p.A. (MARE.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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