DDM Analysis: ANA.MC

Valuation Snapshot

Stable Growth	$1,401.65 - $3,039.18	$2,848.16
Multi-Stage	$457.19 - $500.53	$478.46
Blended Fair Value	$1,663.31
Current Price	$152.80
Upside	988.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.66%	39.10%	6.12	4.54	4.13	3.93	1.94	3.52	3.16	3.77	3.47	2.32
YoY Growth	-	-	34.82%	9.78%	5.14%	102.65%	-44.95%	11.67%	-16.20%	8.39%	49.70%	929.20%
Dividend Yield	-	-	5.06%	4.13%	2.24%	2.27%	1.36%	3.62%	3.18%	6.10%	4.62%	3.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	832.00
(-) Cash Dividends Paid (M)	266.00
(=) Cash Retained (M)	566.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	166.40	104.00	62.40
Cash Retained (M)	566.00	566.00	566.00
(-) Cash Required (M)	-166.40	-104.00	-62.40
(=) Excess Retained (M)	399.60	462.00	503.60
(/) Shares Outstanding (M)	54.44	54.44	54.44
(=) Excess Retained per Share	7.34	8.49	9.25
LTM Dividend per Share	4.89	4.89	4.89
(+) Excess Retained per Share	7.34	8.49	9.25
(=) Adjusted Dividend	12.23	13.37	14.14
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,401.65	$2,848.16	$3,039.18
Upside / Downside	817.31%	1,763.98%	1,888.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	832.00	886.08	943.68	1,005.01	1,070.34	1,139.91	1,174.11
Payout Ratio	31.97%	43.58%	55.18%	66.79%	78.39%	90.00%	92.50%
Projected Dividends (M)	266.00	386.13	520.75	671.23	839.08	1,025.92	1,086.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	359.43	362.83	366.24
Year 2 PV (M)	451.21	459.81	468.48
Year 3 PV (M)	541.39	556.93	572.77
Year 4 PV (M)	629.97	654.20	679.12
Year 5 PV (M)	716.98	751.61	787.57
PV of Terminal Value (M)	22,191.85	23,263.72	24,376.62
Equity Value (M)	24,890.83	26,049.11	27,250.80
Shares Outstanding (M)	54.44	54.44	54.44
Fair Value	$457.19	$478.46	$500.53
Upside / Downside	199.21%	213.13%	227.57%

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Acciona, S.A. (ANA.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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