DDM Analysis: 0QHK.L

Valuation Snapshot

Stable Growth	$308.83 - $855.10	$801.35
Multi-Stage	$118.93 - $130.19	$124.46
Blended Fair Value	$462.90
Current Price	$66.30
Upside	598.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	13.33%	10.06%	1.25	1.07	0.96	0.91	0.04	0.67	0.64	0.63	0.54	0.52
YoY Growth	-	-	17.50%	11.12%	5.90%	2,481.96%	-94.76%	4.84%	1.76%	16.15%	4.09%	8.12%
Dividend Yield	-	-	1.89%	1.05%	0.90%	0.67%	0.02%	1.04%	1.79%	2.08%	2.19%	3.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	62.54
(-) Cash Dividends Paid (M)	17.22
(=) Cash Retained (M)	45.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.51	7.82	4.69
Cash Retained (M)	45.32	45.32	45.32
(-) Cash Required (M)	-12.51	-7.82	-4.69
(=) Excess Retained (M)	32.81	37.50	40.63
(/) Shares Outstanding (M)	14.55	14.55	14.55
(=) Excess Retained per Share	2.26	2.58	2.79
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	2.26	2.58	2.79
(=) Adjusted Dividend	3.44	3.76	3.98
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$308.83	$801.35	$855.10
Upside / Downside	365.81%	1,108.67%	1,189.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	62.54	66.61	70.93	75.55	80.46	85.69	88.26
Payout Ratio	27.54%	40.03%	52.52%	65.02%	77.51%	90.00%	92.50%
Projected Dividends (M)	17.22	26.66	37.26	49.12	62.36	77.12	81.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24.76	24.99	25.23
Year 2 PV (M)	32.13	32.74	33.36
Year 3 PV (M)	39.33	40.46	41.61
Year 4 PV (M)	46.37	48.16	49.99
Year 5 PV (M)	53.25	55.83	58.50
PV of Terminal Value (M)	1,533.98	1,608.08	1,685.00
Equity Value (M)	1,729.83	1,810.25	1,893.69
Shares Outstanding (M)	14.55	14.55	14.55
Fair Value	$118.93	$124.46	$130.19
Upside / Downside	79.38%	87.72%	96.37%

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SeSa S.p.A. (0QHK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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