DDM Analysis: ROVI.MC

Valuation Snapshot

Stable Growth	$79.21 - $449.41	$144.84
Multi-Stage	$47.57 - $51.98	$49.73
Blended Fair Value	$97.29
Current Price	$58.15
Upside	67.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	66.44%	21.52%	1.10	1.35	1.00	0.41	0.19	0.09	0.12	0.18	0.13	0.16
YoY Growth	-	-	-18.25%	35.37%	141.37%	117.86%	119.46%	-25.74%	-34.05%	31.69%	-17.89%	3.78%
Dividend Yield	-	-	2.14%	1.65%	2.59%	0.61%	0.41%	0.38%	0.62%	1.04%	0.91%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.15
(-) Cash Dividends Paid (M)	47.83
(=) Cash Retained (M)	73.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.23	15.14	9.09
Cash Retained (M)	73.32	73.32	73.32
(-) Cash Required (M)	-24.23	-15.14	-9.09
(=) Excess Retained (M)	49.09	58.18	64.24
(/) Shares Outstanding (M)	51.14	51.14	51.14
(=) Excess Retained per Share	0.96	1.14	1.26
LTM Dividend per Share	0.94	0.94	0.94
(+) Excess Retained per Share	0.96	1.14	1.26
(=) Adjusted Dividend	1.90	2.07	2.19
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.21	$144.84	$449.41
Upside / Downside	36.22%	149.08%	672.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.15	129.03	137.42	146.35	155.86	165.99	170.97
Payout Ratio	39.48%	49.58%	59.69%	69.79%	79.90%	90.00%	92.50%
Projected Dividends (M)	47.83	63.98	82.02	102.14	124.53	149.39	158.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58.67	59.22	59.78
Year 2 PV (M)	68.97	70.29	71.61
Year 3 PV (M)	78.77	81.03	83.33
Year 4 PV (M)	88.06	91.45	94.93
Year 5 PV (M)	96.88	101.56	106.42
PV of Terminal Value (M)	2,041.32	2,139.91	2,242.28
Equity Value (M)	2,432.67	2,543.46	2,658.36
Shares Outstanding (M)	51.14	51.14	51.14
Fair Value	$47.57	$49.73	$51.98
Upside / Downside	-18.20%	-14.47%	-10.61%

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Laboratorios Farmaceuticos Rovi, S.A. (ROVI.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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