DDM Analysis: NDT.MI

Valuation Snapshot

Stable Growth	$5.07 - $7.87	$6.36
Multi-Stage	$11.60 - $12.79	$12.18
Blended Fair Value	$9.27
Current Price	$3.18
Upside	191.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.15	0.09	0.14	0.15	0.00	0.08	0.08	0.00
YoY Growth	-	-	0.00%	-100.00%	64.01%	-35.92%	-5.95%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	4.43%	2.26%	3.92%	6.01%	0.00%	1.95%	1.85%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.17
(-) Cash Dividends Paid (M)	2.04
(=) Cash Retained (M)	5.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.43	0.90	0.54
Cash Retained (M)	5.13	5.13	5.13
(-) Cash Required (M)	-1.43	-0.90	-0.54
(=) Excess Retained (M)	3.70	4.23	4.59
(/) Shares Outstanding (M)	13.33	13.33	13.33
(=) Excess Retained per Share	0.28	0.32	0.34
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.28	0.32	0.34
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.07	$6.36	$7.87
Upside / Downside	59.35%	100.11%	147.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.17	7.10	7.03	6.96	6.89	6.82	7.02
Payout Ratio	28.43%	40.74%	53.06%	65.37%	77.69%	90.00%	92.50%
Projected Dividends (M)	2.04	2.89	3.73	4.55	5.35	6.14	6.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.69	2.72	2.75
Year 2 PV (M)	3.23	3.30	3.36
Year 3 PV (M)	3.67	3.78	3.90
Year 4 PV (M)	4.02	4.19	4.36
Year 5 PV (M)	4.29	4.52	4.75
PV of Terminal Value (M)	136.75	143.87	151.29
Equity Value (M)	154.66	162.38	170.41
Shares Outstanding (M)	13.33	13.33	13.33
Fair Value	$11.60	$12.18	$12.79
Upside / Downside	264.93%	283.14%	302.09%

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Neodecortech S.p.A. (NDT.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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