DDM Analysis: ADORFO.BO

Valuation Snapshot

Stable Growth	$332.73 - $1,278.94	$949.57
Multi-Stage	$182.48 - $199.81	$190.98
Blended Fair Value	$570.28
Current Price	$145.00
Upside	293.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	27.23%	9.52%	4.99	2.99	2.19	0.00	4.27	1.50	0.00	1.50	1.75	2.00
YoY Growth	-	-	66.67%	36.36%	0.00%	-100.00%	185.33%	0.00%	-100.00%	-14.19%	-12.68%	-0.43%
Dividend Yield	-	-	3.44%	2.82%	3.12%	0.00%	12.00%	2.89%	0.00%	3.16%	3.83%	4.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	227.00
(-) Cash Dividends Paid (M)	87.50
(=) Cash Retained (M)	139.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.40	28.38	17.03
Cash Retained (M)	139.50	139.50	139.50
(-) Cash Required (M)	-45.40	-28.38	-17.03
(=) Excess Retained (M)	94.10	111.13	122.48
(/) Shares Outstanding (M)	35.10	35.10	35.10
(=) Excess Retained per Share	2.68	3.17	3.49
LTM Dividend per Share	2.49	2.49	2.49
(+) Excess Retained per Share	2.68	3.17	3.49
(=) Adjusted Dividend	5.17	5.66	5.98
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.91%	5.91%	6.91%
Fair Value	$332.73	$949.57	$1,278.94
Upside / Downside	129.47%	554.87%	782.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	227.00	240.41	254.62	269.66	285.59	302.47	311.54
Payout Ratio	38.55%	48.84%	59.13%	69.42%	79.71%	90.00%	92.50%
Projected Dividends (M)	87.50	117.41	150.55	187.19	227.64	272.22	288.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.91%	5.91%	6.91%
Year 1 PV (M)	109.16	110.20	111.24
Year 2 PV (M)	130.14	132.63	135.15
Year 3 PV (M)	150.45	154.80	159.22
Year 4 PV (M)	170.11	176.69	183.46
Year 5 PV (M)	189.13	198.32	207.86
PV of Terminal Value (M)	5,656.89	5,931.69	6,217.07
Equity Value (M)	6,405.89	6,704.34	7,014.01
Shares Outstanding (M)	35.10	35.10	35.10
Fair Value	$182.48	$190.98	$199.81
Upside / Downside	25.85%	31.71%	37.80%

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Ador Fontech Limited (ADORFO.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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