DDM Analysis: 0R40.L

Valuation Snapshot

Stable Growth	$12.19 - $66.02	$23.84
Multi-Stage	$8.48 - $9.26	$8.86
Blended Fair Value	$16.35
Current Price	$6.01
Upside	172.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.69%	22.73%	0.32	0.27	0.24	0.24	0.24	0.22	0.20	0.16	0.14	0.12
YoY Growth	-	-	17.16%	13.19%	1.85%	1.10%	6.06%	8.39%	31.84%	7.31%	16.04%	200.98%
Dividend Yield	-	-	5.54%	5.36%	4.35%	4.17%	4.88%	4.88%	4.37%	3.42%	3.00%	2.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	90.03
(-) Cash Dividends Paid (M)	89.67
(=) Cash Retained (M)	0.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.01	11.25	6.75
Cash Retained (M)	0.36	0.36	0.36
(-) Cash Required (M)	-18.01	-11.25	-6.75
(=) Excess Retained (M)	-17.65	-10.90	-6.40
(/) Shares Outstanding (M)	269.40	269.40	269.40
(=) Excess Retained per Share	-0.07	-0.04	-0.02
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	-0.07	-0.04	-0.02
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	4.78%	5.78%	6.78%
Fair Value	$12.19	$23.84	$66.02
Upside / Downside	102.86%	296.61%	998.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	90.03	95.23	100.74	106.56	112.72	119.23	122.81
Payout Ratio	99.60%	97.68%	95.76%	93.84%	91.92%	90.00%	92.50%
Projected Dividends (M)	89.67	93.03	96.47	100.00	103.61	107.31	113.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.08%	7.08%	7.08%
Growth Rate	4.78%	5.78%	6.78%
Year 1 PV (M)	86.06	86.88	87.70
Year 2 PV (M)	82.56	84.14	85.74
Year 3 PV (M)	79.16	81.45	83.78
Year 4 PV (M)	75.88	78.82	81.84
Year 5 PV (M)	72.70	76.24	79.91
PV of Terminal Value (M)	1,887.96	1,979.79	2,075.15
Equity Value (M)	2,284.31	2,387.31	2,494.12
Shares Outstanding (M)	269.40	269.40	269.40
Fair Value	$8.48	$8.86	$9.26
Upside / Downside	41.09%	47.45%	54.04%

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Rai Way S.p.A. (0R40.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener