DDM Analysis: CLA-B.ST

Valuation Snapshot

Stable Growth	$39.87 - $77.51	$54.83
Multi-Stage	$69.59 - $76.47	$72.97
Blended Fair Value	$63.90
Current Price	$33.92
Upside	88.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.14%	0.00%	1.00	1.00	1.01	0.75	0.50	1.01	1.52	0.76	0.50	0.00
YoY Growth	-	-	0.00%	-0.70%	33.49%	50.35%	-50.17%	-33.72%	100.46%	50.00%	0.00%	0.00%
Dividend Yield	-	-	3.52%	5.49%	4.60%	2.93%	1.96%	4.28%	6.24%	2.38%	1.43%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	716.00
(-) Cash Dividends Paid (M)	313.00
(=) Cash Retained (M)	403.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	143.20	89.50	53.70
Cash Retained (M)	403.00	403.00	403.00
(-) Cash Required (M)	-143.20	-89.50	-53.70
(=) Excess Retained (M)	259.80	313.50	349.30
(/) Shares Outstanding (M)	285.18	285.18	285.18
(=) Excess Retained per Share	0.91	1.10	1.22
LTM Dividend per Share	1.10	1.10	1.10
(+) Excess Retained per Share	0.91	1.10	1.22
(=) Adjusted Dividend	2.01	2.20	2.32
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	0.94%	1.94%	2.94%
Fair Value	$39.87	$54.83	$77.51
Upside / Downside	17.55%	61.64%	128.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	716.00	729.87	744.00	758.41	773.10	788.07	811.71
Payout Ratio	43.72%	52.97%	62.23%	71.49%	80.74%	90.00%	92.50%
Projected Dividends (M)	313.00	386.63	462.98	542.16	624.22	709.26	750.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.02%	6.02%	6.02%
Growth Rate	0.94%	1.94%	2.94%
Year 1 PV (M)	361.09	364.67	368.25
Year 2 PV (M)	403.85	411.89	420.01
Year 3 PV (M)	441.68	454.94	468.46
Year 4 PV (M)	474.95	494.05	513.72
Year 5 PV (M)	504.01	529.48	555.96
PV of Terminal Value (M)	17,661.40	18,553.78	19,481.88
Equity Value (M)	19,846.98	20,808.80	21,808.28
Shares Outstanding (M)	285.18	285.18	285.18
Fair Value	$69.59	$72.97	$76.47
Upside / Downside	105.17%	115.11%	125.45%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
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STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Cloetta AB (publ) (CLA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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