DDM Analysis: HER.MI

Valuation Snapshot

Stable Growth	$29.51 - $69.26	$64.90
Multi-Stage	$10.32 - $11.29	$10.79
Blended Fair Value	$37.85
Current Price	$3.83
Upside	888.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.64%	6.12%	0.17	0.16	0.15	0.12	0.10	0.10	0.10	0.10	0.10	0.10
YoY Growth	-	-	4.06%	8.93%	25.14%	19.08%	-1.87%	-0.86%	7.45%	-3.09%	0.28%	5.54%
Dividend Yield	-	-	4.28%	5.11%	5.81%	3.60%	3.10%	3.16%	3.21%	3.26%	3.83%	3.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	506.30
(-) Cash Dividends Paid (M)	261.30
(=) Cash Retained (M)	245.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.26	63.29	37.97
Cash Retained (M)	245.00	245.00	245.00
(-) Cash Required (M)	-101.26	-63.29	-37.97
(=) Excess Retained (M)	143.74	181.71	207.03
(/) Shares Outstanding (M)	1,453.89	1,453.89	1,453.89
(=) Excess Retained per Share	0.10	0.12	0.14
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.10	0.12	0.14
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$29.51	$64.90	$69.26
Upside / Downside	670.42%	1,594.59%	1,708.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	506.30	539.21	574.26	611.58	651.34	693.67	714.49
Payout Ratio	51.61%	59.29%	66.97%	74.64%	82.32%	90.00%	92.50%
Projected Dividends (M)	261.30	319.69	384.56	456.51	536.19	624.31	660.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	297.37	300.19	303.00
Year 2 PV (M)	332.74	339.07	345.47
Year 3 PV (M)	367.42	377.96	388.71
Year 4 PV (M)	401.42	416.86	432.74
Year 5 PV (M)	434.76	455.75	477.56
PV of Terminal Value (M)	13,164.37	13,800.21	14,460.39
Equity Value (M)	14,998.06	15,690.05	16,407.87
Shares Outstanding (M)	1,453.89	1,453.89	1,453.89
Fair Value	$10.32	$10.79	$11.29
Upside / Downside	169.34%	181.77%	194.66%

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Hera S.p.A. (HER.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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