DDM Analysis: 0R40.L

Valuation Snapshot

Stable Growth	$15.42 - $66.02	$37.89
Multi-Stage	$9.62 - $10.51	$10.06
Blended Fair Value	$23.97
Current Price	$6.01
Upside	298.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.69%	22.73%	0.32	0.27	0.24	0.24	0.24	0.22	0.20	0.16	0.14	0.12
YoY Growth	-	-	17.16%	13.19%	1.85%	1.10%	6.06%	8.39%	31.84%	7.31%	16.04%	200.98%
Dividend Yield	-	-	5.54%	5.36%	4.35%	4.17%	4.88%	4.88%	4.37%	3.42%	3.00%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.03
(-) Cash Dividends Paid (M)	89.67
(=) Cash Retained (M)	0.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.01	11.25	6.75
Cash Retained (M)	0.36	0.36	0.36
(-) Cash Required (M)	-18.01	-11.25	-6.75
(=) Excess Retained (M)	-17.65	-10.90	-6.40
(/) Shares Outstanding (M)	269.40	269.40	269.40
(=) Excess Retained per Share	-0.07	-0.04	-0.02
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	-0.07	-0.04	-0.02
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	4.78%	5.78%	6.78%
Fair Value	$15.42	$37.89	$66.02
Upside / Downside	156.61%	530.43%	998.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.03	95.23	100.74	106.56	112.72	119.23	122.81
Payout Ratio	99.60%	97.68%	95.76%	93.84%	91.92%	90.00%	92.50%
Projected Dividends (M)	89.67	93.03	96.47	100.00	103.61	107.31	113.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	4.78%	5.78%	6.78%
Year 1 PV (M)	86.45	87.27	88.10
Year 2 PV (M)	83.30	84.90	86.51
Year 3 PV (M)	80.24	82.56	84.92
Year 4 PV (M)	77.26	80.25	83.33
Year 5 PV (M)	74.36	77.97	81.73
PV of Terminal Value (M)	2,189.46	2,295.95	2,406.55
Equity Value (M)	2,591.06	2,708.90	2,831.14
Shares Outstanding (M)	269.40	269.40	269.40
Fair Value	$9.62	$10.06	$10.51
Upside / Downside	60.03%	67.31%	74.86%

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Rai Way S.p.A. (0R40.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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