DDM Analysis: 0RVK.L

Valuation Snapshot

Stable Growth	$25.09 - $63.95	$37.89
Multi-Stage	$28.73 - $31.47	$30.07
Blended Fair Value	$33.98
Current Price	$27.68
Upside	22.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.27%	0.00%	0.74	1.26	1.26	1.18	0.63	1.13	0.74	0.08	0.00	0.00
YoY Growth	-	-	-41.60%	0.00%	6.84%	88.19%	-44.70%	53.02%	855.67%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.88%	4.00%	3.02%	1.65%	1.10%	4.26%	1.85%	0.18%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.01
(-) Cash Dividends Paid (M)	29.20
(=) Cash Retained (M)	15.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.00	5.63	3.38
Cash Retained (M)	15.81	15.81	15.81
(-) Cash Required (M)	-9.00	-5.63	-3.38
(=) Excess Retained (M)	6.81	10.18	12.43
(/) Shares Outstanding (M)	39.71	39.71	39.71
(=) Excess Retained per Share	0.17	0.26	0.31
LTM Dividend per Share	0.74	0.74	0.74
(+) Excess Retained per Share	0.17	0.26	0.31
(=) Adjusted Dividend	0.91	0.99	1.05
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.94%	3.94%	4.94%
Fair Value	$25.09	$37.89	$63.95
Upside / Downside	-9.36%	36.90%	131.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.01	46.78	48.63	50.55	52.54	54.61	56.25
Payout Ratio	64.88%	69.90%	74.93%	79.95%	84.98%	90.00%	92.50%
Projected Dividends (M)	29.20	32.70	36.44	40.41	44.65	49.15	52.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.94%	3.94%	4.94%
Year 1 PV (M)	30.36	30.66	30.95
Year 2 PV (M)	31.41	32.02	32.64
Year 3 PV (M)	32.35	33.30	34.27
Year 4 PV (M)	33.18	34.49	35.84
Year 5 PV (M)	33.92	35.60	37.34
PV of Terminal Value (M)	979.66	1,028.17	1,078.59
Equity Value (M)	1,140.89	1,194.25	1,249.64
Shares Outstanding (M)	39.71	39.71	39.71
Fair Value	$28.73	$30.07	$31.47
Upside / Downside	3.79%	8.65%	13.69%

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Befesa S.A. (0RVK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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