DDM Analysis: PPA.AT

Valuation Snapshot

Stable Growth	$517.06 - $1,227.49	$1,150.33
Multi-Stage	$180.63 - $197.70	$189.01
Blended Fair Value	$669.67
Current Price	$45.05
Upside	1,386.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	25.80%	0.00%	1.34	1.04	0.63	0.40	0.54	0.42	0.17	0.09	0.11	0.00
YoY Growth	-	-	28.46%	65.61%	57.00%	-25.76%	27.08%	147.66%	91.93%	-19.93%	0.00%	0.00%
Dividend Yield	-	-	4.45%	4.48%	3.97%	2.32%	2.76%	1.94%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	154.30
(-) Cash Dividends Paid (M)	59.40
(=) Cash Retained (M)	94.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.86	19.29	11.57
Cash Retained (M)	94.90	94.90	94.90
(-) Cash Required (M)	-30.86	-19.29	-11.57
(=) Excess Retained (M)	64.04	75.62	83.33
(/) Shares Outstanding (M)	25.00	25.00	25.00
(=) Excess Retained per Share	2.56	3.02	3.33
LTM Dividend per Share	2.38	2.38	2.38
(+) Excess Retained per Share	2.56	3.02	3.33
(=) Adjusted Dividend	4.94	5.40	5.71
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$517.06	$1,150.33	$1,227.49
Upside / Downside	1,047.75%	2,453.46%	2,624.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	154.30	164.33	175.02	186.39	198.51	211.41	217.75
Payout Ratio	38.50%	48.80%	59.10%	69.40%	79.70%	90.00%	92.50%
Projected Dividends (M)	59.40	80.19	103.43	129.35	158.21	190.27	201.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.58	75.29	76.00
Year 2 PV (M)	89.47	91.18	92.90
Year 3 PV (M)	104.07	107.06	110.11
Year 4 PV (M)	118.39	122.94	127.63
Year 5 PV (M)	132.43	138.82	145.47
PV of Terminal Value (M)	3,996.88	4,189.93	4,390.37
Equity Value (M)	4,515.83	4,725.23	4,942.47
Shares Outstanding (M)	25.00	25.00	25.00
Fair Value	$180.63	$189.01	$197.70
Upside / Downside	300.96%	319.55%	338.84%

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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%
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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%
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6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
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Financial Statements

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Piraeus Port Authority S.A. (PPA.AT)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener