DDM Analysis: UD.MI

Valuation Snapshot

Stable Growth	$5.53 - $8.75	$7.00
Multi-Stage	$13.76 - $15.18	$14.45
Blended Fair Value	$10.73
Current Price	$2.86
Upside	275.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-0.86%	24.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.25%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	16.92
(-) Cash Dividends Paid (M)	0.61
(=) Cash Retained (M)	16.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.38	2.12	1.27
Cash Retained (M)	16.32	16.32	16.32
(-) Cash Required (M)	-3.38	-2.12	-1.27
(=) Excess Retained (M)	12.93	14.20	15.05
(/) Shares Outstanding (M)	30.58	30.58	30.58
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	5.85%	5.85%	5.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.53	$7.00	$8.75
Upside / Downside	93.28%	144.74%	206.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	16.92	16.76	16.59	16.42	16.26	16.09	16.58
Payout Ratio	3.58%	20.86%	38.15%	55.43%	72.72%	90.00%	92.50%
Projected Dividends (M)	0.61	3.50	6.33	9.10	11.82	14.49	15.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.85%	5.85%	5.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3.27	3.30	3.34
Year 2 PV (M)	5.53	5.65	5.76
Year 3 PV (M)	7.45	7.68	7.91
Year 4 PV (M)	9.04	9.42	9.80
Year 5 PV (M)	10.36	10.90	11.46
PV of Terminal Value (M)	384.99	405.04	425.91
Equity Value (M)	420.64	441.98	464.19
Shares Outstanding (M)	30.58	30.58	30.58
Fair Value	$13.76	$14.45	$15.18
Upside / Downside	380.96%	405.35%	430.74%

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Unidata S.p.A. (UD.MI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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