DDM Analysis: BZU.MI

Valuation Snapshot

Stable Growth	$1,051.60 - $2,022.67	$1,895.54
Multi-Stage	$311.55 - $341.27	$326.14
Blended Fair Value	$1,110.84
Current Price	$47.06
Upside	2,260.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.10%	26.86%	0.61	0.45	0.40	1.05	0.17	0.14	0.15	0.11	0.08	0.06
YoY Growth	-	-	33.19%	13.58%	-61.77%	503.36%	19.74%	-5.60%	36.89%	33.33%	50.00%	0.00%
Dividend Yield	-	-	1.70%	1.65%	2.22%	5.52%	0.89%	0.65%	1.01%	0.49%	0.37%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,864.08
(-) Cash Dividends Paid (M)	344.44
(=) Cash Retained (M)	1,519.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	372.82	233.01	139.81
Cash Retained (M)	1,519.64	1,519.64	1,519.64
(-) Cash Required (M)	-372.82	-233.01	-139.81
(=) Excess Retained (M)	1,146.83	1,286.63	1,379.84
(/) Shares Outstanding (M)	183.28	183.28	183.28
(=) Excess Retained per Share	6.26	7.02	7.53
LTM Dividend per Share	1.88	1.88	1.88
(+) Excess Retained per Share	6.26	7.02	7.53
(=) Adjusted Dividend	8.14	8.90	9.41
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,051.60	$1,895.54	$2,022.67
Upside / Downside	2,134.60%	3,927.91%	4,198.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,864.08	1,985.24	2,114.28	2,251.71	2,398.07	2,553.95	2,630.57
Payout Ratio	18.48%	32.78%	47.09%	61.39%	75.70%	90.00%	92.50%
Projected Dividends (M)	344.44	650.80	995.54	1,382.35	1,815.23	2,298.55	2,433.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	606.39	612.14	617.89
Year 2 PV (M)	864.30	880.77	897.38
Year 3 PV (M)	1,118.22	1,150.32	1,183.03
Year 4 PV (M)	1,368.19	1,420.80	1,474.92
Year 5 PV (M)	1,614.25	1,692.22	1,773.17
PV of Terminal Value (M)	51,529.59	54,018.49	56,602.64
Equity Value (M)	57,100.94	59,774.74	62,549.04
Shares Outstanding (M)	183.28	183.28	183.28
Fair Value	$311.55	$326.14	$341.27
Upside / Downside	562.02%	593.02%	625.19%

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Buzzi Unicem S.p.A. (BZU.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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