DDM Analysis: 0R9D.L

Valuation Snapshot

Stable Growth	$8.69 - $15.10	$11.44
Multi-Stage	$14.29 - $15.70	$14.98
Blended Fair Value	$13.21
Current Price	$8.64
Upside	52.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.08%	0.00%	0.27	0.00	0.00	0.00	0.00	0.45	0.40	0.28	0.17	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	14.54%	41.51%	63.06%	0.00%	0.00%
Dividend Yield	-	-	3.09%	0.00%	0.00%	0.00%	0.00%	2.96%	2.59%	1.83%	1.12%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.02
(-) Cash Dividends Paid (M)	9.54
(=) Cash Retained (M)	14.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.80	3.00	1.80
Cash Retained (M)	14.49	14.49	14.49
(-) Cash Required (M)	-4.80	-3.00	-1.80
(=) Excess Retained (M)	9.68	11.48	12.68
(/) Shares Outstanding (M)	35.75	35.75	35.75
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	0.61%	1.61%	2.61%
Fair Value	$8.69	$11.44	$15.10
Upside / Downside	0.58%	32.37%	74.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.02	24.41	24.80	25.20	25.61	26.02	26.80
Payout Ratio	39.70%	49.76%	59.82%	69.88%	79.94%	90.00%	92.50%
Projected Dividends (M)	9.54	12.15	14.84	17.61	20.47	23.42	24.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	0.61%	1.61%	2.61%
Year 1 PV (M)	11.26	11.37	11.48
Year 2 PV (M)	12.74	13.00	13.26
Year 3 PV (M)	14.02	14.44	14.87
Year 4 PV (M)	15.11	15.71	16.34
Year 5 PV (M)	16.02	16.83	17.67
PV of Terminal Value (M)	441.90	464.31	487.61
Equity Value (M)	511.05	535.66	561.23
Shares Outstanding (M)	35.75	35.75	35.75
Fair Value	$14.29	$14.98	$15.70
Upside / Downside	65.44%	73.41%	81.69%

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Aeroporto Guglielmo Marconi di Bologna S.p.A. (0R9D.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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