DDM Analysis: 0R43.L

Valuation Snapshot

Stable Growth	$1,238.87 - $3,808.43	$3,569.06
Multi-Stage	$506.87 - $555.03	$530.51
Blended Fair Value	$2,049.78
Current Price	$251.50
Upside	715.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.89%	0.00%	3.38	4.48	5.04	4.22	3.65	3.23	2.65	2.11	1.75	0.39
YoY Growth	-	-	-24.64%	-10.97%	19.23%	15.56%	13.07%	22.09%	25.38%	20.37%	350.00%	0.00%
Dividend Yield	-	-	1.44%	2.07%	2.69%	1.35%	2.63%	4.61%	3.46%	3.57%	3.76%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,179.00
(-) Cash Dividends Paid (M)	204.00
(=) Cash Retained (M)	975.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	235.80	147.38	88.43
Cash Retained (M)	975.00	975.00	975.00
(-) Cash Required (M)	-235.80	-147.38	-88.43
(=) Excess Retained (M)	739.20	827.63	886.58
(/) Shares Outstanding (M)	61.57	61.57	61.57
(=) Excess Retained per Share	12.01	13.44	14.40
LTM Dividend per Share	3.31	3.31	3.31
(+) Excess Retained per Share	12.01	13.44	14.40
(=) Adjusted Dividend	15.32	16.76	17.71
WACC / Discount Rate	6.80%	6.80%	6.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,238.87	$3,569.06	$3,808.43
Upside / Downside	392.59%	1,319.11%	1,414.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,179.00	1,255.64	1,337.25	1,424.17	1,516.74	1,615.33	1,663.79
Payout Ratio	17.30%	31.84%	46.38%	60.92%	75.46%	90.00%	92.50%
Projected Dividends (M)	204.00	399.82	620.24	867.62	1,144.54	1,453.80	1,539.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.80%	6.80%	6.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	370.83	374.35	377.86
Year 2 PV (M)	533.56	543.73	553.98
Year 3 PV (M)	692.26	712.13	732.38
Year 4 PV (M)	847.00	879.57	913.08
Year 5 PV (M)	997.86	1,046.05	1,096.10
PV of Terminal Value (M)	27,764.75	29,105.80	30,498.17
Equity Value (M)	31,206.27	32,661.63	34,171.57
Shares Outstanding (M)	61.57	61.57	61.57
Fair Value	$506.87	$530.51	$555.03
Upside / Downside	101.54%	110.94%	120.69%

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NP3 Fastigheter AB (publ) (0R43.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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