DDM Analysis: FROY.OL

Valuation Snapshot

Stable Growth	$22.70 - $33.63	$27.92
Multi-Stage	$41.59 - $45.75	$43.63
Blended Fair Value	$35.78
Current Price	$75.40
Upside	-52.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019
DPS	0.00%	0.00%	1.49	0.35	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	331.74%	-35.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.29%	0.71%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	246.51
(-) Cash Dividends Paid (M)	64.82
(=) Cash Retained (M)	181.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.30	30.81	18.49
Cash Retained (M)	181.69	181.69	181.69
(-) Cash Required (M)	-49.30	-30.81	-18.49
(=) Excess Retained (M)	132.38	150.87	163.20
(/) Shares Outstanding (M)	86.79	86.79	86.79
(=) Excess Retained per Share	1.53	1.74	1.88
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	1.53	1.74	1.88
(=) Adjusted Dividend	2.27	2.49	2.63
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$22.70	$27.92	$33.63
Upside / Downside	-69.90%	-62.97%	-55.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.51	244.04	241.60	239.19	236.80	234.43	241.46
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	64.82	95.27	125.10	154.32	182.95	210.98	223.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	87.47	88.37	89.26
Year 2 PV (M)	105.46	107.63	109.81
Year 3 PV (M)	119.46	123.15	126.92
Year 4 PV (M)	130.03	135.42	140.97
Year 5 PV (M)	137.69	144.86	152.32
PV of Terminal Value (M)	3,029.70	3,187.47	3,351.74
Equity Value (M)	3,609.81	3,786.88	3,971.02
Shares Outstanding (M)	86.79	86.79	86.79
Fair Value	$41.59	$43.63	$45.75
Upside / Downside	-44.84%	-42.13%	-39.32%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
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MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
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Frøy ASA (FROY.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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