DDM Analysis: MAIRE.MI

Valuation Snapshot

Stable Growth	$34.84 - $141.67	$91.49
Multi-Stage	$21.05 - $23.04	$22.02
Blended Fair Value	$56.76
Current Price	$11.21
Upside	406.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.98%	0.00%	0.25	0.12	0.18	0.12	0.00	0.12	0.13	0.09	0.04	0.00
YoY Growth	-	-	101.49%	-32.22%	57.66%	0.00%	-100.00%	-7.03%	48.04%	97.87%	0.00%	0.00%
Dividend Yield	-	-	2.85%	1.65%	4.65%	3.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	234.49
(-) Cash Dividends Paid (M)	134.25
(=) Cash Retained (M)	100.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.90	29.31	17.59
Cash Retained (M)	100.24	100.24	100.24
(-) Cash Required (M)	-46.90	-29.31	-17.59
(=) Excess Retained (M)	53.34	70.93	82.65
(/) Shares Outstanding (M)	326.70	326.70	326.70
(=) Excess Retained per Share	0.16	0.22	0.25
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.16	0.22	0.25
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.69%	5.69%	6.69%
Fair Value	$34.84	$91.49	$141.67
Upside / Downside	210.79%	716.18%	1,163.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	234.49	247.84	261.95	276.87	292.64	309.30	318.58
Payout Ratio	57.25%	63.80%	70.35%	76.90%	83.45%	90.00%	92.50%
Projected Dividends (M)	134.25	158.13	184.29	212.92	244.21	278.37	294.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.69%	5.69%	6.69%
Year 1 PV (M)	147.18	148.59	149.99
Year 2 PV (M)	159.66	162.72	165.82
Year 3 PV (M)	171.69	176.66	181.72
Year 4 PV (M)	183.29	190.40	197.71
Year 5 PV (M)	194.48	203.94	213.77
PV of Terminal Value (M)	6,019.36	6,312.37	6,616.69
Equity Value (M)	6,875.66	7,194.68	7,525.70
Shares Outstanding (M)	326.70	326.70	326.70
Fair Value	$21.05	$22.02	$23.04
Upside / Downside	87.74%	96.45%	105.49%

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Maire Tecnimont S.p.A. (MAIRE.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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