DDM Analysis: ITB.DE

Valuation Snapshot

Stable Growth	$37.77 - $54.26	$45.83
Multi-Stage	$54.71 - $59.81	$57.21
Blended Fair Value	$51.52
Current Price	$28.64
Upside	79.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.77%	1.23%	1.48	1.50	1.51	1.49	2.00	2.11	1.91	1.75	1.58	1.44
YoY Growth	-	-	-0.99%	-0.61%	1.15%	-25.56%	-4.93%	10.02%	9.69%	10.25%	10.09%	9.57%
Dividend Yield	-	-	6.85%	8.88%	8.08%	9.39%	14.54%	11.42%	7.16%	5.39%	4.00%	4.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,655.00
(-) Cash Dividends Paid (M)	2,596.00
(=) Cash Retained (M)	2,059.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	931.00	581.88	349.13
Cash Retained (M)	2,059.00	2,059.00	2,059.00
(-) Cash Required (M)	-931.00	-581.88	-349.13
(=) Excess Retained (M)	1,128.00	1,477.13	1,709.88
(/) Shares Outstanding (M)	875.48	875.48	875.48
(=) Excess Retained per Share	1.29	1.69	1.95
LTM Dividend per Share	2.97	2.97	2.97
(+) Excess Retained per Share	1.29	1.69	1.95
(=) Adjusted Dividend	4.25	4.65	4.92
WACC / Discount Rate	10.41%	10.41%	10.41%
Growth Rate	-0.77%	0.23%	1.23%
Fair Value	$37.77	$45.83	$54.26
Upside / Downside	31.88%	60.01%	89.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,655.00	4,665.92	4,676.87	4,687.84	4,698.83	4,709.86	4,851.15
Payout Ratio	55.77%	62.61%	69.46%	76.31%	83.15%	90.00%	92.50%
Projected Dividends (M)	2,596.00	2,921.54	3,248.59	3,577.16	3,907.25	4,238.87	4,487.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.41%	10.41%	10.41%
Growth Rate	-0.77%	0.23%	1.23%
Year 1 PV (M)	2,619.67	2,646.07	2,672.46
Year 2 PV (M)	2,611.94	2,664.85	2,718.29
Year 3 PV (M)	2,578.94	2,657.70	2,738.04
Year 4 PV (M)	2,525.86	2,629.23	2,735.73
Year 5 PV (M)	2,457.10	2,583.43	2,714.89
PV of Terminal Value (M)	35,099.95	36,904.49	38,782.50
Equity Value (M)	47,893.48	50,085.76	52,361.92
Shares Outstanding (M)	875.48	875.48	875.48
Fair Value	$54.71	$57.21	$59.81
Upside / Downside	91.01%	99.75%	108.83%

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Financial Statements

Fundamentals

Valuations

Miscellaneous

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Ticker

Industry

Sector

Imperial Brands PLC (ITB.DE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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