DDM Analysis: LUVE.MI

Valuation Snapshot

Stable Growth	$109.99 - $320.84	$300.67
Multi-Stage	$43.86 - $48.01	$45.90
Blended Fair Value	$173.29
Current Price	$34.35
Upside	404.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.99%	19.47%	0.40	0.41	0.35	0.27	0.27	0.25	0.24	0.20	0.17	0.20
YoY Growth	-	-	-2.90%	17.70%	29.62%	0.00%	8.64%	4.82%	19.23%	13.93%	-13.87%	200.00%
Dividend Yield	-	-	1.42%	1.81%	1.09%	1.38%	1.81%	2.38%	2.03%	1.98%	1.26%	2.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.83
(-) Cash Dividends Paid (M)	10.17
(=) Cash Retained (M)	25.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.17	4.48	2.69
Cash Retained (M)	25.66	25.66	25.66
(-) Cash Required (M)	-7.17	-4.48	-2.69
(=) Excess Retained (M)	18.49	21.18	22.97
(/) Shares Outstanding (M)	22.21	22.21	22.21
(=) Excess Retained per Share	0.83	0.95	1.03
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.83	0.95	1.03
(=) Adjusted Dividend	1.29	1.41	1.49
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$109.99	$300.67	$320.84
Upside / Downside	220.20%	775.33%	834.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.83	38.15	40.63	43.27	46.09	49.08	50.56
Payout Ratio	28.39%	40.71%	53.03%	65.36%	77.68%	90.00%	92.50%
Projected Dividends (M)	10.17	15.53	21.55	28.28	35.80	44.18	46.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.42	14.55	14.69
Year 2 PV (M)	18.56	18.91	19.27
Year 3 PV (M)	22.61	23.26	23.92
Year 4 PV (M)	26.56	27.58	28.63
Year 5 PV (M)	30.42	31.88	33.41
PV of Terminal Value (M)	861.39	903.00	946.19
Equity Value (M)	973.95	1,019.18	1,066.11
Shares Outstanding (M)	22.21	22.21	22.21
Fair Value	$43.86	$45.90	$48.01
Upside / Downside	27.68%	33.61%	39.77%

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LU-VE S.p.A. (LUVE.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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