DDM Analysis: IG.MI

Valuation Snapshot

Stable Growth	$55.11 - $212.79	$156.17
Multi-Stage	$32.12 - $35.19	$33.62
Blended Fair Value	$94.90
Current Price	$7.20
Upside	1,218.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.61%	6.68%	0.37	0.33	0.31	0.30	0.27	0.26	0.21	0.20	0.00	0.26
YoY Growth	-	-	10.85%	6.80%	4.16%	10.02%	6.36%	23.47%	4.00%	0.00%	-100.00%	36.31%
Dividend Yield	-	-	6.83%	6.44%	6.02%	4.95%	5.24%	4.71%	4.10%	3.99%	0.00%	6.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	874.51
(-) Cash Dividends Paid (M)	317.85
(=) Cash Retained (M)	556.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.90	109.31	65.59
Cash Retained (M)	556.65	556.65	556.65
(-) Cash Required (M)	-174.90	-109.31	-65.59
(=) Excess Retained (M)	381.75	447.34	491.06
(/) Shares Outstanding (M)	811.12	811.12	811.12
(=) Excess Retained per Share	0.47	0.55	0.61
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.47	0.55	0.61
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.68%	5.68%	6.68%
Fair Value	$55.11	$156.17	$212.79
Upside / Downside	665.42%	2,069.08%	2,855.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	874.51	924.21	976.74	1,032.26	1,090.93	1,152.94	1,187.52
Payout Ratio	36.35%	47.08%	57.81%	68.54%	79.27%	90.00%	92.50%
Projected Dividends (M)	317.85	435.09	564.64	707.50	864.77	1,037.64	1,098.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.68%	5.68%	6.68%
Year 1 PV (M)	405.35	409.22	413.09
Year 2 PV (M)	490.07	499.48	508.98
Year 3 PV (M)	572.09	588.64	605.51
Year 4 PV (M)	651.46	676.72	702.69
Year 5 PV (M)	728.25	763.71	800.53
PV of Terminal Value (M)	23,205.57	24,335.31	25,508.63
Equity Value (M)	26,052.80	27,273.08	28,539.44
Shares Outstanding (M)	811.12	811.12	811.12
Fair Value	$32.12	$33.62	$35.19
Upside / Downside	346.11%	367.00%	388.68%

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Italgas S.p.A. (IG.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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