DDM Analysis: ENEL.MI

Valuation Snapshot

Stable Growth	$7.28 - $12.03	$9.39
Multi-Stage	$7.68 - $8.35	$8.01
Blended Fair Value	$8.70
Current Price	$8.07
Upside	7.80%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.31%	7.64%	0.52	0.49	0.38	0.48	0.45	0.38	0.33	0.28	0.24	0.22
YoY Growth	-	-	4.62%	29.54%	-20.24%	4.81%	19.84%	14.90%	19.87%	14.60%	9.14%	-10.73%
Dividend Yield	-	-	6.87%	8.22%	6.75%	7.85%	5.35%	5.98%	5.83%	5.54%	5.45%	5.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,382.00
(-) Cash Dividends Paid (M)	5,806.00
(=) Cash Retained (M)	576.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,276.40	797.75	478.65
Cash Retained (M)	576.00	576.00	576.00
(-) Cash Required (M)	-1,276.40	-797.75	-478.65
(=) Excess Retained (M)	-700.40	-221.75	97.35
(/) Shares Outstanding (M)	10,430.26	10,430.26	10,430.26
(=) Excess Retained per Share	-0.07	-0.02	0.01
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	-0.07	-0.02	0.01
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	10.80%	10.80%	10.80%
Growth Rate	3.82%	4.82%	5.82%
Fair Value	$7.28	$9.39	$12.03
Upside / Downside	-9.77%	16.30%	49.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,382.00	6,689.60	7,012.02	7,349.98	7,704.22	8,075.55	8,317.81
Payout Ratio	90.97%	90.78%	90.58%	90.39%	90.19%	90.00%	92.50%
Projected Dividends (M)	5,806.00	6,072.79	6,351.82	6,643.63	6,948.82	7,267.99	7,693.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.80%	10.80%	10.80%
Growth Rate	3.82%	4.82%	5.82%
Year 1 PV (M)	5,428.61	5,480.90	5,533.19
Year 2 PV (M)	5,075.72	5,173.97	5,273.17
Year 3 PV (M)	4,745.76	4,884.21	5,025.34
Year 4 PV (M)	4,437.22	4,610.66	4,789.14
Year 5 PV (M)	4,148.72	4,352.41	4,564.02
PV of Terminal Value (M)	56,311.38	59,076.10	61,948.37
Equity Value (M)	80,147.40	83,578.26	87,133.23
Shares Outstanding (M)	10,430.26	10,430.26	10,430.26
Fair Value	$7.68	$8.01	$8.35
Upside / Downside	-4.78%	-0.71%	3.52%

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Enel S.p.A. (ENEL.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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