DDM Analysis: ELI.BR

Valuation Snapshot

Stable Growth	$1,036.92 - $1,914.78	$1,794.43
Multi-Stage	$300.31 - $328.84	$314.31
Blended Fair Value	$1,054.37
Current Price	$97.75
Upside	978.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.98%	6.47%	2.24	2.00	1.78	1.75	1.73	1.60	1.26	1.23	1.20	1.20
YoY Growth	-	-	11.99%	12.32%	2.05%	1.11%	7.98%	26.95%	2.60%	2.12%	0.53%	-0.11%
Dividend Yield	-	-	3.01%	1.77%	1.34%	1.52%	1.78%	2.03%	2.20%	2.60%	2.46%	2.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	754.55
(-) Cash Dividends Paid (M)	230.75
(=) Cash Retained (M)	523.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	150.91	94.32	56.59
Cash Retained (M)	523.80	523.80	523.80
(-) Cash Required (M)	-150.91	-94.32	-56.59
(=) Excess Retained (M)	372.89	429.48	467.21
(/) Shares Outstanding (M)	78.37	78.37	78.37
(=) Excess Retained per Share	4.76	5.48	5.96
LTM Dividend per Share	2.94	2.94	2.94
(+) Excess Retained per Share	4.76	5.48	5.96
(=) Adjusted Dividend	7.70	8.42	8.91
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,036.92	$1,794.43	$1,914.78
Upside / Downside	960.79%	1,735.73%	1,858.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	754.55	803.60	855.83	911.46	970.70	1,033.80	1,064.81
Payout Ratio	30.58%	42.46%	54.35%	66.23%	78.12%	90.00%	92.50%
Projected Dividends (M)	230.75	341.25	465.13	603.68	758.28	930.42	984.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	318.06	321.07	324.09
Year 2 PV (M)	404.06	411.76	419.53
Year 3 PV (M)	488.78	502.81	517.11
Year 4 PV (M)	572.23	594.24	616.87
Year 5 PV (M)	654.43	686.03	718.85
PV of Terminal Value (M)	21,097.78	22,116.82	23,174.85
Equity Value (M)	23,535.35	24,632.73	25,771.30
Shares Outstanding (M)	78.37	78.37	78.37
Fair Value	$300.31	$314.31	$328.84
Upside / Downside	207.22%	221.55%	236.41%

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Elia Group SA/NV (ELI.BR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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