Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Iniziative Bresciane S.p.A. (IB.MI)

Company Dividend Discount ModelIndustry: Renewable UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$32.90 - $169.76$59.16
Multi-Stage$36.23 - $39.70$37.93
Blended Fair Value$48.55
Current Price$12.40
Upside291.49%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS4.76%1.45%0.660.200.870.780.530.520.440.470.520.71
YoY Growth--224.49%-76.70%11.70%46.80%1.77%17.72%-4.91%-9.38%-27.65%24.69%
Dividend Yield--4.56%1.38%4.97%4.03%3.27%3.18%2.34%2.36%2.77%3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)5.42
(-) Cash Dividends Paid (M)4.96
(=) Cash Retained (M)0.45
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1.080.680.41
Cash Retained (M)0.450.450.45
(-) Cash Required (M)-1.08-0.68-0.41
(=) Excess Retained (M)-0.63-0.220.05
(/) Shares Outstanding (M)5.245.245.24
(=) Excess Retained per Share-0.12-0.040.01
LTM Dividend per Share0.950.950.95
(+) Excess Retained per Share-0.12-0.040.01
(=) Adjusted Dividend0.830.900.96
WACC / Discount Rate5.73%5.73%5.73%
Growth Rate3.14%4.14%5.14%
Fair Value$32.90$59.16$169.76
Upside / Downside165.33%377.06%1,269.02%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)5.425.645.876.126.376.636.83
Payout Ratio91.62%91.29%90.97%90.65%90.32%90.00%92.50%
Projected Dividends (M)4.965.155.345.555.755.976.32

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.73%5.73%5.73%
Growth Rate3.14%4.14%5.14%
Year 1 PV (M)4.824.874.92
Year 2 PV (M)4.694.784.87
Year 3 PV (M)4.564.694.83
Year 4 PV (M)4.434.604.78
Year 5 PV (M)4.314.524.74
PV of Terminal Value (M)167.08175.34183.92
Equity Value (M)189.89198.81208.06
Shares Outstanding (M)5.245.245.24
Fair Value$36.23$37.93$39.70
Upside / Downside192.20%205.93%220.17%

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