DDM Analysis: TL5.MC

Valuation Snapshot

Stable Growth	$4.89 - $7.17	$5.98
Multi-Stage	$6.51 - $7.15	$6.82
Blended Fair Value	$6.40
Current Price	$3.92
Upside	63.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	-65.51%	-34.07%	0.00	0.00	0.00	0.33	0.65	0.58	0.55	0.16	0.00	0.00
YoY Growth	-	-	-42.76%	0.00%	-100.00%	-49.39%	12.39%	4.97%	252.13%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.00%	0.11%	0.00%	9.68%	9.68%	6.95%	4.53%	1.54%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.03
(-) Cash Dividends Paid (M)	0.00
(=) Cash Retained (M)	191.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.21	23.88	14.33
Cash Retained (M)	191.03	191.03	191.03
(-) Cash Required (M)	-38.21	-23.88	-14.33
(=) Excess Retained (M)	152.82	167.15	176.70
(/) Shares Outstanding (M)	305.52	305.52	305.52
(=) Excess Retained per Share	0.50	0.55	0.58
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.50	0.55	0.58
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-0.32%	0.68%	1.68%
Fair Value	$4.89	$5.98	$7.17
Upside / Downside	24.64%	52.65%	82.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.03	192.32	193.62	194.93	196.25	197.57	203.50
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.00	34.62	69.70	105.26	141.30	177.82	188.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.88%	9.88%	9.88%
Growth Rate	-0.32%	0.68%	1.68%
Year 1 PV (M)	31.19	31.51	31.82
Year 2 PV (M)	56.59	57.73	58.88
Year 3 PV (M)	77.00	79.34	81.73
Year 4 PV (M)	93.13	96.93	100.84
Year 5 PV (M)	105.61	111.01	116.63
PV of Terminal Value (M)	1,624.74	1,707.90	1,794.42
Equity Value (M)	1,988.27	2,084.41	2,184.32
Shares Outstanding (M)	305.52	305.52	305.52
Fair Value	$6.51	$6.82	$7.15
Upside / Downside	66.02%	74.05%	82.39%

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Mediaset España Comunicación, S.A. (TL5.MC)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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