DDM Analysis: ELN.MI

Valuation Snapshot

Stable Growth	$21.94 - $60.43	$33.94
Multi-Stage	$14.88 - $16.26	$15.56
Blended Fair Value	$24.75
Current Price	$11.36
Upside	117.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.18%	19.18%	0.21	0.23	0.21	0.12	0.00	0.10	0.10	0.10	0.07	0.06
YoY Growth	-	-	-9.76%	9.63%	83.09%	8,191.57%	-98.53%	0.00%	0.00%	33.33%	20.00%	63.56%
Dividend Yield	-	-	2.31%	2.00%	1.78%	0.81%	0.02%	2.39%	2.03%	1.19%	1.04%	2.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.07
(-) Cash Dividends Paid (M)	18.68
(=) Cash Retained (M)	54.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.61	9.13	5.48
Cash Retained (M)	54.40	54.40	54.40
(-) Cash Required (M)	-14.61	-9.13	-5.48
(=) Excess Retained (M)	39.78	45.26	48.92
(/) Shares Outstanding (M)	80.42	80.42	80.42
(=) Excess Retained per Share	0.49	0.56	0.61
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.49	0.56	0.61
(=) Adjusted Dividend	0.73	0.80	0.84
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.94	$33.94	$60.43
Upside / Downside	93.15%	198.72%	431.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.07	77.82	82.88	88.27	94.01	100.12	103.12
Payout Ratio	25.56%	38.45%	51.33%	64.22%	77.11%	90.00%	92.50%
Projected Dividends (M)	18.68	29.92	42.55	56.69	72.49	90.11	95.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.19	27.45	27.71
Year 2 PV (M)	35.14	35.81	36.49
Year 3 PV (M)	42.56	43.78	45.03
Year 4 PV (M)	49.46	51.36	53.32
Year 5 PV (M)	55.88	58.58	61.38
PV of Terminal Value (M)	986.64	1,034.29	1,083.77
Equity Value (M)	1,196.87	1,251.28	1,307.69
Shares Outstanding (M)	80.42	80.42	80.42
Fair Value	$14.88	$15.56	$16.26
Upside / Downside	31.01%	36.97%	43.14%

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EL.En. S.p.A. (ELN.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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