DDM Analysis: BMAX.ST

Valuation Snapshot

Stable Growth	$38.99 - $67.95	$51.38
Multi-Stage	$64.56 - $70.96	$67.70
Blended Fair Value	$59.54
Current Price	$57.00
Upside	4.45%
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	0.00%	-14.55%	0.49	0.00	4.00	2.86	0.00	0.00	2.60	2.48	2.21	2.69
YoY Growth	-	-	0.00%	-100.00%	39.88%	0.00%	0.00%	-100.00%	4.60%	12.15%	-17.67%	13.03%
Dividend Yield	-	-	0.97%	0.00%	10.88%	4.11%	0.00%	0.00%	8.44%	5.99%	3.60%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	176.00
(-) Cash Dividends Paid (M)	44.00
(=) Cash Retained (M)	132.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.20	22.00	13.20
Cash Retained (M)	132.00	132.00	132.00
(-) Cash Required (M)	-35.20	-22.00	-13.20
(=) Excess Retained (M)	96.80	110.00	118.80
(/) Shares Outstanding (M)	58.69	58.69	58.69
(=) Excess Retained per Share	1.65	1.87	2.02
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	1.65	1.87	2.02
(=) Adjusted Dividend	2.40	2.62	2.77
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.55%	1.55%	2.55%
Fair Value	$38.99	$51.38	$67.95
Upside / Downside	-31.59%	-9.87%	19.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	176.00	178.73	181.50	184.32	187.18	190.09	195.79
Payout Ratio	25.00%	38.00%	51.00%	64.00%	77.00%	90.00%	92.50%
Projected Dividends (M)	44.00	67.92	92.57	117.97	144.13	171.08	181.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.55%	1.55%	2.55%
Year 1 PV (M)	63.00	63.63	64.26
Year 2 PV (M)	79.66	81.25	82.86
Year 3 PV (M)	94.17	97.01	99.90
Year 4 PV (M)	106.73	111.04	115.48
Year 5 PV (M)	117.52	123.48	129.68
PV of Terminal Value (M)	3,328.23	3,497.06	3,672.66
Equity Value (M)	3,789.31	3,973.46	4,164.84
Shares Outstanding (M)	58.69	58.69	58.69
Fair Value	$64.56	$67.70	$70.96
Upside / Downside	13.26%	18.77%	24.49%

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Byggmax Group AB (publ) (BMAX.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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