DDM Analysis: 0ROY.L

Valuation Snapshot

Stable Growth	$25.23 - $84.75	$79.42
Multi-Stage	$14.98 - $16.42	$15.69
Blended Fair Value	$47.55
Current Price	$5.71
Upside	732.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.39%	5.41%	0.06	0.06	0.06	0.05	0.05	0.05	0.05	0.04	0.04	0.04
YoY Growth	-	-	15.70%	-0.15%	9.74%	-2.07%	9.77%	-0.35%	10.36%	0.00%	14.00%	-0.87%
Dividend Yield	-	-	1.07%	0.55%	0.59%	0.40%	0.56%	0.58%	0.64%	0.68%	0.93%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	521.60
(-) Cash Dividends Paid (M)	156.10
(=) Cash Retained (M)	365.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	104.32	65.20	39.12
Cash Retained (M)	365.50	365.50	365.50
(-) Cash Required (M)	-104.32	-65.20	-39.12
(=) Excess Retained (M)	261.18	300.30	326.38
(/) Shares Outstanding (M)	1,211.29	1,211.29	1,211.29
(=) Excess Retained per Share	0.22	0.25	0.27
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.22	0.25	0.27
(=) Adjusted Dividend	0.34	0.38	0.40
WACC / Discount Rate	5.81%	5.81%	5.81%
Growth Rate	4.39%	5.39%	6.39%
Fair Value	$25.23	$79.42	$84.75
Upside / Downside	341.86%	1,290.88%	1,384.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	521.60	549.71	579.34	610.56	643.47	678.15	698.50
Payout Ratio	29.93%	41.94%	53.96%	65.97%	77.99%	90.00%	92.50%
Projected Dividends (M)	156.10	230.56	312.59	402.79	501.81	610.34	646.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.81%	5.81%	5.81%
Growth Rate	4.39%	5.39%	6.39%
Year 1 PV (M)	215.82	217.89	219.96
Year 2 PV (M)	273.91	279.18	284.50
Year 3 PV (M)	330.39	339.97	349.74
Year 4 PV (M)	385.29	400.27	415.68
Year 5 PV (M)	438.66	460.08	482.33
PV of Terminal Value (M)	16,496.59	17,302.02	18,138.60
Equity Value (M)	18,140.66	18,999.41	19,890.81
Shares Outstanding (M)	1,211.29	1,211.29	1,211.29
Fair Value	$14.98	$15.69	$16.42
Upside / Downside	162.28%	174.70%	187.59%

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Davide Campari-Milano N.V. (0ROY.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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