DDM Analysis: AZM.MI

Valuation Snapshot

Stable Growth	$110.86 - $542.40	$197.30
Multi-Stage	$75.91 - $82.90	$79.34
Blended Fair Value	$138.32
Current Price	$27.18
Upside	408.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.29%	6.01%	1.48	1.69	1.92	1.37	1.35	1.45	1.62	1.12	1.68	0.84
YoY Growth	-	-	-12.43%	-12.34%	40.68%	1.22%	-7.19%	-9.94%	44.78%	-33.62%	100.93%	1.62%
Dividend Yield	-	-	5.73%	7.12%	9.90%	6.56%	7.05%	11.20%	10.93%	6.97%	11.21%	4.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	493.32
(-) Cash Dividends Paid (M)	351.15
(=) Cash Retained (M)	142.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.66	61.67	37.00
Cash Retained (M)	142.18	142.18	142.18
(-) Cash Required (M)	-98.66	-61.67	-37.00
(=) Excess Retained (M)	43.51	80.51	105.18
(/) Shares Outstanding (M)	141.94	141.94	141.94
(=) Excess Retained per Share	0.31	0.57	0.74
LTM Dividend per Share	2.47	2.47	2.47
(+) Excess Retained per Share	0.31	0.57	0.74
(=) Adjusted Dividend	2.78	3.04	3.21
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.04%	6.04%	7.04%
Fair Value	$110.86	$197.30	$542.40
Upside / Downside	307.87%	625.91%	1,895.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	493.32	523.10	554.68	588.17	623.68	661.33	681.17
Payout Ratio	71.18%	74.94%	78.71%	82.47%	86.24%	90.00%	92.50%
Projected Dividends (M)	351.15	392.03	436.58	485.07	537.83	595.20	630.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.04%	6.04%	7.04%
Year 1 PV (M)	360.67	364.10	367.54
Year 2 PV (M)	369.52	376.58	383.72
Year 3 PV (M)	377.71	388.60	399.70
Year 4 PV (M)	385.29	400.17	415.48
Year 5 PV (M)	392.27	411.30	431.06
PV of Terminal Value (M)	8,889.43	9,320.72	9,768.59
Equity Value (M)	10,774.88	11,261.48	11,766.10
Shares Outstanding (M)	141.94	141.94	141.94
Fair Value	$75.91	$79.34	$82.90
Upside / Downside	179.29%	191.91%	204.99%

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Azimut Holding S.p.A. (AZM.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener