DDM Analysis: 2FE.DE

Valuation Snapshot

Stable Growth	$181.85 - $412.76	$264.35
Multi-Stage	$132.20 - $144.29	$138.14
Blended Fair Value	$201.25
Current Price	$416.10
Upside	-51.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.95%	0.00%	2.46	1.84	1.40	0.90	1.16	1.08	0.74	0.67	0.49	0.00
YoY Growth	-	-	33.86%	31.70%	55.85%	-23.07%	8.01%	44.76%	10.93%	38.06%	0.00%	0.00%
Dividend Yield	-	-	0.63%	0.47%	0.56%	0.45%	0.65%	0.76%	0.62%	0.69%	0.70%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,601.95
(-) Cash Dividends Paid (M)	531.50
(=) Cash Retained (M)	1,070.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	320.39	200.24	120.15
Cash Retained (M)	1,070.45	1,070.45	1,070.45
(-) Cash Required (M)	-320.39	-200.24	-120.15
(=) Excess Retained (M)	750.06	870.20	950.30
(/) Shares Outstanding (M)	178.78	178.78	178.78
(=) Excess Retained per Share	4.20	4.87	5.32
LTM Dividend per Share	2.97	2.97	2.97
(+) Excess Retained per Share	4.20	4.87	5.32
(=) Adjusted Dividend	7.17	7.84	8.29
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$181.85	$264.35	$412.76
Upside / Downside	-56.30%	-36.47%	-0.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,601.95	1,706.07	1,816.97	1,935.07	2,060.85	2,194.80	2,260.65
Payout Ratio	33.18%	44.54%	55.91%	67.27%	78.64%	90.00%	92.50%
Projected Dividends (M)	531.50	759.93	1,015.81	1,301.75	1,620.56	1,975.32	2,091.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	686.49	693.00	699.50
Year 2 PV (M)	828.96	844.75	860.69
Year 3 PV (M)	959.63	987.18	1,015.25
Year 4 PV (M)	1,079.21	1,120.71	1,163.40
Year 5 PV (M)	1,188.33	1,245.73	1,305.32
PV of Terminal Value (M)	18,892.24	19,804.74	20,752.17
Equity Value (M)	23,634.86	24,696.10	25,796.33
Shares Outstanding (M)	178.78	178.78	178.78
Fair Value	$132.20	$138.14	$144.29
Upside / Downside	-68.23%	-66.80%	-65.32%

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Ferrari N.V. (2FE.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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