DDM Analysis: AZM.MI

Valuation Snapshot

Stable Growth	$88.12 - $261.84	$139.34
Multi-Stage	$66.01 - $72.02	$68.96
Blended Fair Value	$104.15
Current Price	$27.18
Upside	283.20%
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	8.35%	8.35%	8.35%
Growth Rate	5.04%	6.04%	7.04%
Fair Value	$88.12	$139.34	$261.84
Upside / Downside	224.21%	412.67%	863.34%

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	8.35%	8.35%	8.35%
Growth Rate	5.04%	6.04%	7.04%
Year 1 PV (M)	358.41	361.82	365.23
Year 2 PV (M)	364.89	371.87	378.92
Year 3 PV (M)	370.65	381.34	392.23
Year 4 PV (M)	375.71	390.22	405.15
Year 5 PV (M)	380.12	398.56	417.71
PV of Terminal Value (M)	7,519.72	7,884.55	8,263.42
Equity Value (M)	9,369.49	9,788.36	10,222.66
Shares Outstanding (M)	141.94	141.94	141.94
Fair Value	$66.01	$68.96	$72.02
Upside / Downside	142.87%	153.72%	164.98%

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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