DDM Analysis: 0GEG.L

Valuation Snapshot

Stable Growth	$68.35 - $343.96	$141.94
Multi-Stage	$46.89 - $51.33	$49.07
Blended Fair Value	$95.51
Current Price	$49.60
Upside	92.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.51%	5.32%	0.75	0.72	0.68	0.60	0.60	0.57	1.03	0.49	0.47	0.45
YoY Growth	-	-	4.21%	6.10%	11.82%	0.00%	5.77%	-44.68%	110.06%	4.68%	4.27%	1.23%
Dividend Yield	-	-	1.67%	1.85%	1.70%	1.40%	1.90%	2.11%	5.52%	2.27%	2.68%	3.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.50
(-) Cash Dividends Paid (M)	30.90
(=) Cash Retained (M)	32.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.70	7.94	4.76
Cash Retained (M)	32.60	32.60	32.60
(-) Cash Required (M)	-12.70	-7.94	-4.76
(=) Excess Retained (M)	19.90	24.66	27.84
(/) Shares Outstanding (M)	36.39	36.39	36.39
(=) Excess Retained per Share	0.55	0.68	0.77
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.55	0.68	0.77
(=) Adjusted Dividend	1.40	1.53	1.61
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.54%	5.54%	6.54%
Fair Value	$68.35	$141.94	$343.96
Upside / Downside	37.80%	186.17%	593.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.50	67.02	70.73	74.65	78.79	83.15	85.64
Payout Ratio	48.66%	56.93%	65.20%	73.46%	81.73%	90.00%	92.50%
Projected Dividends (M)	30.90	38.15	46.11	54.84	64.39	74.83	79.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.54%	5.54%	6.54%
Year 1 PV (M)	35.43	35.77	36.10
Year 2 PV (M)	39.76	40.52	41.29
Year 3 PV (M)	43.90	45.18	46.47
Year 4 PV (M)	47.87	49.73	51.64
Year 5 PV (M)	51.65	54.17	56.79
PV of Terminal Value (M)	1,487.75	1,560.28	1,635.62
Equity Value (M)	1,706.36	1,785.65	1,867.91
Shares Outstanding (M)	36.39	36.39	36.39
Fair Value	$46.89	$49.07	$51.33
Upside / Downside	-5.46%	-1.06%	3.50%

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Vaisala Oyj (0GEG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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