DDM Analysis: ANE.MC

Valuation Snapshot

Stable Growth	$29.56 - $51.26	$38.87
Multi-Stage	$52.21 - $57.43	$54.77
Blended Fair Value	$46.82
Current Price	$19.60
Upside	138.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	8.70%	0.00%	0.58	0.88	0.39	0.80	0.33	0.38	0.11	0.00	0.00	0.00
YoY Growth	-	-	-34.27%	125.20%	-51.34%	144.38%	-13.80%	247.06%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.42%	4.41%	1.10%	0.00%	1.12%	1.30%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	747.00
(-) Cash Dividends Paid (M)	143.00
(=) Cash Retained (M)	604.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	149.40	93.38	56.03
Cash Retained (M)	604.00	604.00	604.00
(-) Cash Required (M)	-149.40	-93.38	-56.03
(=) Excess Retained (M)	454.60	510.63	547.98
(/) Shares Outstanding (M)	324.29	324.29	324.29
(=) Excess Retained per Share	1.40	1.57	1.69
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	1.40	1.57	1.69
(=) Adjusted Dividend	1.84	2.02	2.13
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.24%	1.24%	2.24%
Fair Value	$29.56	$38.87	$51.26
Upside / Downside	50.81%	98.33%	161.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	747.00	756.29	765.70	775.22	784.87	794.63	818.47
Payout Ratio	19.14%	33.31%	47.49%	61.66%	75.83%	90.00%	92.50%
Projected Dividends (M)	143.00	251.96	363.60	477.98	595.15	715.17	757.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.24%	1.24%	2.24%
Year 1 PV (M)	234.26	236.59	238.93
Year 2 PV (M)	314.31	320.61	326.97
Year 3 PV (M)	384.16	395.77	407.61
Year 4 PV (M)	444.73	462.74	481.29
Year 5 PV (M)	496.86	522.14	548.44
PV of Terminal Value (M)	15,055.88	15,821.98	16,618.95
Equity Value (M)	16,930.19	17,759.83	18,622.20
Shares Outstanding (M)	324.29	324.29	324.29
Fair Value	$52.21	$54.77	$57.43
Upside / Downside	166.37%	179.42%	192.99%

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Corporación Acciona Energías Renovables, S.A. (ANE.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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