DDM Analysis: WALL-B.ST

Valuation Snapshot

Stable Growth	$25.92 - $39.72	$32.36
Multi-Stage	$58.94 - $64.99	$61.90
Blended Fair Value	$47.13
Current Price	$43.66
Upside	7.95%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.79%	-0.27%	0.50	0.61	0.61	0.60	0.25	0.94	0.90	0.86	0.76	0.58
YoY Growth	-	-	-16.96%	-0.25%	1.02%	141.98%	-73.62%	5.32%	4.86%	11.87%	32.18%	11.57%
Dividend Yield	-	-	1.17%	1.20%	1.55%	0.88%	0.42%	1.67%	1.90%	2.26%	2.12%	1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,874.00
(-) Cash Dividends Paid (M)	326.00
(=) Cash Retained (M)	1,548.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	374.80	234.25	140.55
Cash Retained (M)	1,548.00	1,548.00	1,548.00
(-) Cash Required (M)	-374.80	-234.25	-140.55
(=) Excess Retained (M)	1,173.20	1,313.75	1,407.45
(/) Shares Outstanding (M)	650.16	650.16	650.16
(=) Excess Retained per Share	1.80	2.02	2.16
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	1.80	2.02	2.16
(=) Adjusted Dividend	2.31	2.52	2.67
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.27%	-1.27%	-0.27%
Fair Value	$25.92	$32.36	$39.72
Upside / Downside	-40.64%	-25.88%	-9.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,874.00	1,850.19	1,826.69	1,803.49	1,780.58	1,757.96	1,810.69
Payout Ratio	17.40%	31.92%	46.44%	60.96%	75.48%	90.00%	92.50%
Projected Dividends (M)	326.00	590.52	848.27	1,099.38	1,343.96	1,582.16	1,674.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.27%	-1.27%	-0.27%
Year 1 PV (M)	549.25	554.87	560.49
Year 2 PV (M)	733.85	748.95	764.20
Year 3 PV (M)	884.62	912.06	940.05
Year 4 PV (M)	1,005.86	1,047.66	1,090.76
Year 5 PV (M)	1,101.38	1,158.89	1,218.79
PV of Terminal Value (M)	34,047.43	35,825.36	37,676.80
Equity Value (M)	38,322.40	40,247.80	42,251.09
Shares Outstanding (M)	650.16	650.16	650.16
Fair Value	$58.94	$61.90	$64.99
Upside / Downside	35.00%	41.79%	48.84%

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Wallenstam AB (publ) (WALL-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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