DDM Analysis: 0RHU.L

Valuation Snapshot

Stable Growth	$61.18 - $163.99	$93.86
Multi-Stage	$64.80 - $70.95	$67.82
Blended Fair Value	$80.84
Current Price	$53.40
Upside	51.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.17%	15.03%	1.32	0.77	0.00	0.00	0.00	0.89	0.68	0.63	0.50	0.41
YoY Growth	-	-	71.43%	0.00%	0.00%	0.00%	-100.00%	30.88%	8.80%	25.00%	21.21%	26.92%
Dividend Yield	-	-	2.44%	1.52%	0.00%	0.00%	0.00%	3.79%	1.80%	1.88%	1.69%	1.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	221.75
(-) Cash Dividends Paid (M)	138.39
(=) Cash Retained (M)	83.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.35	27.72	16.63
Cash Retained (M)	83.35	83.35	83.35
(-) Cash Required (M)	-44.35	-27.72	-16.63
(=) Excess Retained (M)	39.00	55.63	66.72
(/) Shares Outstanding (M)	83.87	83.87	83.87
(=) Excess Retained per Share	0.47	0.66	0.80
LTM Dividend per Share	1.65	1.65	1.65
(+) Excess Retained per Share	0.47	0.66	0.80
(=) Adjusted Dividend	2.12	2.31	2.45
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	3.27%	4.27%	5.27%
Fair Value	$61.18	$93.86	$163.99
Upside / Downside	14.58%	75.77%	207.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	221.75	231.20	241.07	251.35	262.07	273.25	281.45
Payout Ratio	62.41%	67.93%	73.45%	78.96%	84.48%	90.00%	92.50%
Projected Dividends (M)	138.39	157.05	177.06	198.48	221.40	245.93	260.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	3.27%	4.27%	5.27%
Year 1 PV (M)	145.60	147.01	148.42
Year 2 PV (M)	152.16	155.12	158.11
Year 3 PV (M)	158.13	162.77	167.49
Year 4 PV (M)	163.52	169.95	176.57
Year 5 PV (M)	168.38	176.70	185.33
PV of Terminal Value (M)	4,647.47	4,876.90	5,115.29
Equity Value (M)	5,435.27	5,688.44	5,951.22
Shares Outstanding (M)	83.87	83.87	83.87
Fair Value	$64.80	$67.82	$70.95
Upside / Downside	21.35%	27.01%	32.87%

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Flughafen Wien AG (0RHU.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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