DDM Analysis: A2A.MI

Valuation Snapshot

Stable Growth	$19.81 - $46.50	$43.58
Multi-Stage	$6.91 - $7.56	$7.23
Blended Fair Value	$25.40
Current Price	$2.23
Upside	1,039.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.98%	12.11%	0.10	0.10	0.09	0.08	0.08	0.07	0.06	0.05	0.04	0.04
YoY Growth	-	-	5.96%	6.71%	14.11%	2.90%	10.55%	21.11%	17.65%	21.43%	11.50%	10.78%
Dividend Yield	-	-	4.58%	5.85%	6.15%	5.11%	4.97%	6.16%	3.55%	3.15%	2.83%	3.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	732.00
(-) Cash Dividends Paid (M)	351.00
(=) Cash Retained (M)	381.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	146.40	91.50	54.90
Cash Retained (M)	381.00	381.00	381.00
(-) Cash Required (M)	-146.40	-91.50	-54.90
(=) Excess Retained (M)	234.60	289.50	326.10
(/) Shares Outstanding (M)	3,130.71	3,130.71	3,130.71
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.81	$43.58	$46.50
Upside / Downside	788.41%	1,854.12%	1,985.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	732.00	779.58	830.25	884.22	941.69	1,002.90	1,032.99
Payout Ratio	47.95%	56.36%	64.77%	73.18%	81.59%	90.00%	92.50%
Projected Dividends (M)	351.00	439.38	537.76	647.07	768.33	902.61	955.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	408.70	412.58	416.45
Year 2 PV (M)	465.29	474.15	483.10
Year 3 PV (M)	520.79	535.74	550.97
Year 4 PV (M)	575.21	597.33	620.08
Year 5 PV (M)	628.56	658.92	690.44
PV of Terminal Value (M)	19,032.82	19,952.12	20,906.59
Equity Value (M)	21,631.38	22,630.84	23,667.64
Shares Outstanding (M)	3,130.71	3,130.71	3,130.71
Fair Value	$6.91	$7.23	$7.56
Upside / Downside	209.84%	224.15%	239.01%

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AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
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A2A S.p.A. (A2A.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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