DDM Analysis: 0P2N.L

Valuation Snapshot

Stable Growth	$49.70 - $78.17	$62.75
Multi-Stage	$107.06 - $118.02	$112.43
Blended Fair Value	$87.59
Current Price	$28.88
Upside	203.29%
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%	0.18	0.19	0.18	0.00	0.00	0.00	0.00	0.00	0.31	0.00
YoY Growth	-	-	-4.41%	3.03%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.62%	0.65%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	1.08%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,669.00
(-) Cash Dividends Paid (M)	266.00
(=) Cash Retained (M)	3,403.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	733.80	458.63	275.18
Cash Retained (M)	3,403.00	3,403.00	3,403.00
(-) Cash Required (M)	-733.80	-458.63	-275.18
(=) Excess Retained (M)	2,669.20	2,944.38	3,127.83
(/) Shares Outstanding (M)	726.22	726.22	726.22
(=) Excess Retained per Share	3.68	4.05	4.31
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	3.68	4.05	4.31
(=) Adjusted Dividend	4.04	4.42	4.67
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-1.61%	-0.61%	0.39%
Fair Value	$49.70	$62.75	$78.17
Upside / Downside	72.08%	117.28%	170.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,669.00	3,646.44	3,624.03	3,601.75	3,579.60	3,557.60	3,664.32
Payout Ratio	7.25%	23.80%	40.35%	56.90%	73.45%	90.00%	92.50%
Projected Dividends (M)	266.00	867.85	1,462.29	2,049.39	2,629.22	3,201.84	3,389.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	-1.61%	-0.61%	0.39%
Year 1 PV (M)	807.54	815.75	823.96
Year 2 PV (M)	1,266.12	1,291.99	1,318.12
Year 3 PV (M)	1,651.15	1,702.01	1,753.91
Year 4 PV (M)	1,971.10	2,052.47	2,136.33
Year 5 PV (M)	2,233.59	2,349.43	2,470.03
PV of Terminal Value (M)	69,817.49	73,438.52	77,208.26
Equity Value (M)	77,747.00	81,650.18	85,710.62
Shares Outstanding (M)	726.22	726.22	726.22
Fair Value	$107.06	$112.43	$118.02
Upside / Downside	270.69%	289.30%	308.67%

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Ferrovial, S.A. (0P2N.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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