DDM Analysis: P1Z.SW

Valuation Snapshot

Stable Growth	$1.74 - $2.50	$2.11
Multi-Stage	$3.29 - $3.63	$3.46
Blended Fair Value	$2.79
Current Price	$21.00
Upside	-86.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.60%	0.00%	0.34	0.33	0.33	0.31	0.30	0.29	0.25	0.00	0.00	0.00
YoY Growth	-	-	3.66%	-0.10%	6.12%	2.59%	5.83%	15.94%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.62%	1.57%	1.57%	1.48%	1.44%	1.36%	1.15%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	21.76
(-) Cash Dividends Paid (M)	0.01
(=) Cash Retained (M)	21.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.35	2.72	1.63
Cash Retained (M)	21.75	21.75	21.75
(-) Cash Required (M)	-4.35	-2.72	-1.63
(=) Excess Retained (M)	17.40	19.03	20.12
(/) Shares Outstanding (M)	86.07	86.07	86.07
(=) Excess Retained per Share	0.20	0.22	0.23
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.20	0.22	0.23
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	-3.31%	-2.31%	-1.31%
Fair Value	$1.74	$2.11	$2.50
Upside / Downside	-91.70%	-89.94%	-88.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	21.76	21.25	20.76	20.28	19.81	19.35	19.94
Payout Ratio	0.02%	18.02%	36.01%	54.01%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.01	3.83	7.48	10.95	14.27	17.42	18.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.91%	7.91%	7.91%
Growth Rate	-3.31%	-2.31%	-1.31%
Year 1 PV (M)	3.51	3.55	3.59
Year 2 PV (M)	6.29	6.42	6.55
Year 3 PV (M)	8.45	8.72	8.99
Year 4 PV (M)	10.10	10.52	10.96
Year 5 PV (M)	11.31	11.90	12.53
PV of Terminal Value (M)	243.82	256.69	270.10
Equity Value (M)	283.48	297.81	312.72
Shares Outstanding (M)	86.07	86.07	86.07
Fair Value	$3.29	$3.46	$3.63
Upside / Downside	-84.32%	-83.52%	-82.70%

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Patrizia Se (P1Z.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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