DDM Analysis: DNR.MI

Valuation Snapshot

Stable Growth	$4.41 - $6.89	$5.55
Multi-Stage	$10.38 - $11.44	$10.90
Blended Fair Value	$8.22
Current Price	$7.39
Upside	11.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.12	0.12	0.10	0.30	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.97%	21.29%	-66.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	0.95%	0.54%	2.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.12
(-) Cash Dividends Paid (M)	20.72
(=) Cash Retained (M)	70.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.22	11.39	6.83
Cash Retained (M)	70.40	70.40	70.40
(-) Cash Required (M)	-18.22	-11.39	-6.83
(=) Excess Retained (M)	52.18	59.01	63.57
(/) Shares Outstanding (M)	198.83	198.83	198.83
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.41	$5.55	$6.89
Upside / Downside	-40.39%	-24.93%	-6.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.12	90.21	89.31	88.42	87.53	86.66	89.26
Payout Ratio	22.74%	36.19%	49.64%	63.10%	76.55%	90.00%	92.50%
Projected Dividends (M)	20.72	32.65	44.34	55.79	67.00	77.99	82.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.44	30.75	31.06
Year 2 PV (M)	38.55	39.34	40.14
Year 3 PV (M)	45.23	46.63	48.06
Year 4 PV (M)	50.66	52.76	54.93
Year 5 PV (M)	54.99	57.85	60.83
PV of Terminal Value (M)	1,844.22	1,940.26	2,040.25
Equity Value (M)	2,064.10	2,167.60	2,275.27
Shares Outstanding (M)	198.83	198.83	198.83
Fair Value	$10.38	$10.90	$11.44
Upside / Downside	40.47%	47.52%	54.85%

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FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
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TILE	Interface, Inc.	0.18%	$0.05	2.63%
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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%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
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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GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
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Industrie De Nora S.p.A. (DNR.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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