DDM Analysis: PHN.MI

Valuation Snapshot

Stable Growth	$149.54 - $363.91	$341.04
Multi-Stage	$53.74 - $58.79	$56.22
Blended Fair Value	$198.63
Current Price	$39.55
Upside	402.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.04%	0.00%	0.86	0.81	0.72	0.68	0.47	0.51	0.34	0.18	0.13	0.00
YoY Growth	-	-	5.94%	12.58%	5.64%	45.65%	-8.00%	51.49%	89.46%	34.24%	0.00%	0.00%
Dividend Yield	-	-	1.73%	1.43%	1.29%	1.08%	1.25%	2.31%	1.99%	1.34%	0.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.45
(-) Cash Dividends Paid (M)	9.59
(=) Cash Retained (M)	7.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.49	2.18	1.31
Cash Retained (M)	7.86	7.86	7.86
(-) Cash Required (M)	-3.49	-2.18	-1.31
(=) Excess Retained (M)	4.37	5.68	6.55
(/) Shares Outstanding (M)	9.54	9.54	9.54
(=) Excess Retained per Share	0.46	0.60	0.69
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	0.46	0.60	0.69
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$149.54	$341.04	$363.91
Upside / Downside	278.11%	762.30%	820.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.45	18.58	19.79	21.08	22.45	23.91	24.62
Payout Ratio	54.97%	61.98%	68.98%	75.99%	82.99%	90.00%	92.50%
Projected Dividends (M)	9.59	11.52	13.65	16.02	18.63	21.51	22.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	10.71	10.81	10.91
Year 2 PV (M)	11.80	12.03	12.26
Year 3 PV (M)	12.88	13.25	13.62
Year 4 PV (M)	13.93	14.46	15.01
Year 5 PV (M)	14.96	15.68	16.43
PV of Terminal Value (M)	448.18	469.83	492.31
Equity Value (M)	512.46	536.06	560.54
Shares Outstanding (M)	9.54	9.54	9.54
Fair Value	$53.74	$56.22	$58.79
Upside / Downside	35.89%	42.15%	48.64%

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Pharmanutra S.p.A. (PHN.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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