DDM Analysis: DNR.MI

Valuation Snapshot

Stable Growth	$4.23 - $6.54	$5.30
Multi-Stage	$9.36 - $10.32	$9.83
Blended Fair Value	$7.57
Current Price	$7.39
Upside	2.40%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.12	0.12	0.10	0.30	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.97%	21.29%	-66.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.98%	0.95%	0.54%	2.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.12
(-) Cash Dividends Paid (M)	20.72
(=) Cash Retained (M)	70.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.22	11.39	6.83
Cash Retained (M)	70.40	70.40	70.40
(-) Cash Required (M)	-18.22	-11.39	-6.83
(=) Excess Retained (M)	52.18	59.01	63.57
(/) Shares Outstanding (M)	198.83	198.83	198.83
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.37	0.40	0.42
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$4.23	$5.30	$6.54
Upside / Downside	-42.71%	-28.24%	-11.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.12	90.21	89.31	88.42	87.53	86.66	89.26
Payout Ratio	22.74%	36.19%	49.64%	63.10%	76.55%	90.00%	92.50%
Projected Dividends (M)	20.72	32.65	44.34	55.79	67.00	77.99	82.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	30.35	30.66	30.97
Year 2 PV (M)	38.31	39.10	39.89
Year 3 PV (M)	44.81	46.20	47.61
Year 4 PV (M)	50.04	52.11	54.25
Year 5 PV (M)	54.14	56.96	59.90
PV of Terminal Value (M)	1,644.10	1,729.71	1,818.85
Equity Value (M)	1,861.75	1,954.74	2,051.47
Shares Outstanding (M)	198.83	198.83	198.83
Fair Value	$9.36	$9.83	$10.32
Upside / Downside	26.70%	33.03%	39.61%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Industrie De Nora S.p.A. (DNR.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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