DDM Analysis: TYA.MI

Valuation Snapshot

Stable Growth	$17.96 - $38.35	$25.56
Multi-Stage	$21.31 - $23.36	$22.32
Blended Fair Value	$23.94
Current Price	$16.50
Upside	45.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.94%	23.46%	0.39	0.39	0.38	0.00	0.00	0.70	0.54	0.50	0.43	0.37
YoY Growth	-	-	0.00%	4.29%	0.00%	0.00%	-100.00%	30.37%	6.66%	18.12%	16.13%	670.01%
Dividend Yield	-	-	2.47%	3.26%	3.14%	0.00%	0.00%	5.95%	3.49%	3.33%	2.81%	2.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.13
(-) Cash Dividends Paid (M)	7.76
(=) Cash Retained (M)	10.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.63	2.27	1.36
Cash Retained (M)	10.37	10.37	10.37
(-) Cash Required (M)	-3.63	-2.27	-1.36
(=) Excess Retained (M)	6.74	8.10	9.01
(/) Shares Outstanding (M)	18.56	18.56	18.56
(=) Excess Retained per Share	0.36	0.44	0.49
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.36	0.44	0.49
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.65%	3.65%	4.65%
Fair Value	$17.96	$25.56	$38.35
Upside / Downside	8.85%	54.90%	132.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.13	18.79	19.47	20.18	20.92	21.68	22.33
Payout Ratio	42.81%	52.25%	61.69%	71.13%	80.56%	90.00%	92.50%
Projected Dividends (M)	7.76	9.82	12.01	14.35	16.85	19.51	20.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.65%	3.65%	4.65%
Year 1 PV (M)	9.08	9.16	9.25
Year 2 PV (M)	10.27	10.47	10.67
Year 3 PV (M)	11.35	11.68	12.02
Year 4 PV (M)	12.32	12.80	13.30
Year 5 PV (M)	13.18	13.84	14.52
PV of Terminal Value (M)	339.38	356.24	373.76
Equity Value (M)	395.57	414.20	433.53
Shares Outstanding (M)	18.56	18.56	18.56
Fair Value	$21.31	$22.32	$23.36
Upside / Downside	29.18%	35.26%	41.57%

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Toscana Aeroporti S.p.A. (TYA.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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