DDM Analysis: CELL.MI

Valuation Snapshot

Stable Growth	$2.46 - $3.81	$3.09
Multi-Stage	$5.60 - $6.17	$5.88
Blended Fair Value	$4.48
Current Price	$2.79
Upside	60.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.42%	0.00%	0.09	0.00	0.05	0.00	0.31	0.29	0.00	2.83	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	-100.00%	8.61%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.49%	0.00%	1.64%	0.00%	7.65%	7.35%	0.00%	29.91%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.59
(-) Cash Dividends Paid (M)	1.94
(=) Cash Retained (M)	3.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.12	0.70	0.42
Cash Retained (M)	3.65	3.65	3.65
(-) Cash Required (M)	-1.12	-0.70	-0.42
(=) Excess Retained (M)	2.53	2.95	3.23
(/) Shares Outstanding (M)	21.23	21.23	21.23
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.46	$3.09	$3.81
Upside / Downside	-11.74%	10.72%	36.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.59	5.54	5.48	5.43	5.37	5.32	5.48
Payout Ratio	34.70%	45.76%	56.82%	67.88%	78.94%	90.00%	92.50%
Projected Dividends (M)	1.94	2.53	3.12	3.68	4.24	4.79	5.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.36	2.38	2.41
Year 2 PV (M)	2.70	2.75	2.81
Year 3 PV (M)	2.97	3.06	3.15
Year 4 PV (M)	3.18	3.31	3.45
Year 5 PV (M)	3.34	3.51	3.69
PV of Terminal Value (M)	104.29	109.72	115.37
Equity Value (M)	118.83	124.74	130.88
Shares Outstanding (M)	21.23	21.23	21.23
Fair Value	$5.60	$5.88	$6.17
Upside / Downside	100.63%	110.60%	120.98%

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Cellularline S.p.A. (CELL.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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