DDM Analysis: DNR.MI

Valuation Snapshot

Stable Growth	$3.21 - $4.61	$3.90
Multi-Stage	$5.12 - $5.63	$5.37
Blended Fair Value	$4.63
Current Price	$7.39
Upside	-37.31%
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	9.19%	9.19%	9.19%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.21	$3.90	$4.61
Upside / Downside	-56.54%	-47.26%	-37.55%

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	9.19%	9.19%	9.19%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.60	29.90	30.20
Year 2 PV (M)	36.44	37.19	37.94
Year 3 PV (M)	41.57	42.86	44.17
Year 4 PV (M)	45.27	47.14	49.08
Year 5 PV (M)	47.77	50.26	52.85
PV of Terminal Value (M)	817.52	860.09	904.41
Equity Value (M)	1,018.17	1,067.44	1,118.65
Shares Outstanding (M)	198.83	198.83	198.83
Fair Value	$5.12	$5.37	$5.63
Upside / Downside	-30.71%	-27.35%	-23.87%

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0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
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Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

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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