DDM Analysis: LDO.MI

Valuation Snapshot

Stable Growth	$117.47 - $492.07	$296.49
Multi-Stage	$58.60 - $64.09	$61.29
Blended Fair Value	$178.89
Current Price	$47.78
Upside	274.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.21%	25.00%	0.31	0.14	0.14	0.00	0.14	0.14	0.14	0.14	0.01	0.00
YoY Growth	-	-	118.52%	2.53%	0.00%	-100.00%	0.00%	-1.23%	0.00%	1,925.00%	0.00%	-100.00%
Dividend Yield	-	-	1.19%	0.94%	1.70%	0.00%	2.35%	1.33%	1.83%	1.40%	0.05%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,425.00
(-) Cash Dividends Paid (M)	482.00
(=) Cash Retained (M)	943.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	285.00	178.13	106.88
Cash Retained (M)	943.00	943.00	943.00
(-) Cash Required (M)	-285.00	-178.13	-106.88
(=) Excess Retained (M)	658.00	764.88	836.13
(/) Shares Outstanding (M)	575.92	575.92	575.92
(=) Excess Retained per Share	1.14	1.33	1.45
LTM Dividend per Share	0.84	0.84	0.84
(+) Excess Retained per Share	1.14	1.33	1.45
(=) Adjusted Dividend	1.98	2.17	2.29
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$117.47	$296.49	$492.07
Upside / Downside	145.86%	520.53%	929.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,425.00	1,517.63	1,616.27	1,721.33	1,833.21	1,952.37	2,010.94
Payout Ratio	33.82%	45.06%	56.29%	67.53%	78.76%	90.00%	92.50%
Projected Dividends (M)	482.00	683.84	909.88	1,162.41	1,443.93	1,757.14	1,860.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	631.46	637.45	643.43
Year 2 PV (M)	775.83	790.61	805.53
Year 3 PV (M)	915.25	941.52	968.30
Year 4 PV (M)	1,049.83	1,090.21	1,131.73
Year 5 PV (M)	1,179.70	1,236.68	1,295.84
PV of Terminal Value (M)	29,194.49	30,604.60	32,068.67
Equity Value (M)	33,746.57	35,301.07	36,913.50
Shares Outstanding (M)	575.92	575.92	575.92
Fair Value	$58.60	$61.29	$64.09
Upside / Downside	22.64%	28.29%	34.14%

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Leonardo S.p.A. (LDO.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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