DDM Analysis: IB.MI

Valuation Snapshot

Stable Growth	$25.42 - $74.18	$39.99
Multi-Stage	$28.30 - $30.97	$29.61
Blended Fair Value	$34.80
Current Price	$12.40
Upside	180.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.76%	1.45%	0.66	0.20	0.87	0.78	0.53	0.52	0.44	0.47	0.52	0.71
YoY Growth	-	-	224.49%	-76.70%	11.70%	46.80%	1.77%	17.72%	-4.91%	-9.38%	-27.65%	24.69%
Dividend Yield	-	-	4.56%	1.38%	4.97%	4.03%	3.27%	3.18%	2.34%	2.36%	2.77%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5.42
(-) Cash Dividends Paid (M)	4.96
(=) Cash Retained (M)	0.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.08	0.68	0.41
Cash Retained (M)	0.45	0.45	0.45
(-) Cash Required (M)	-1.08	-0.68	-0.41
(=) Excess Retained (M)	-0.63	-0.22	0.05
(/) Shares Outstanding (M)	5.24	5.24	5.24
(=) Excess Retained per Share	-0.12	-0.04	0.01
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	-0.12	-0.04	0.01
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.14%	4.14%	5.14%
Fair Value	$25.42	$39.99	$74.18
Upside / Downside	104.99%	222.51%	498.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5.42	5.64	5.87	6.12	6.37	6.63	6.83
Payout Ratio	91.62%	91.29%	90.97%	90.65%	90.32%	90.00%	92.50%
Projected Dividends (M)	4.96	5.15	5.34	5.55	5.75	5.97	6.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.14%	4.14%	5.14%
Year 1 PV (M)	4.79	4.84	4.88
Year 2 PV (M)	4.62	4.71	4.80
Year 3 PV (M)	4.46	4.59	4.73
Year 4 PV (M)	4.30	4.47	4.65
Year 5 PV (M)	4.15	4.36	4.57
PV of Terminal Value (M)	125.96	132.18	138.65
Equity Value (M)	148.29	155.16	162.28
Shares Outstanding (M)	5.24	5.24	5.24
Fair Value	$28.30	$29.61	$30.97
Upside / Downside	128.19%	138.76%	149.73%

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Iniziative Bresciane S.p.A. (IB.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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