DDM Analysis: RUSTA.ST

Valuation Snapshot

Stable Growth	$29.37 - $45.87	$36.97
Multi-Stage	$70.17 - $77.27	$73.65
Blended Fair Value	$55.31
Current Price	$62.80
Upside	-11.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021
DPS	0.00%	0.00%	1.14	0.69	1.00	2.62	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	65.71%	-30.92%	-61.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.49%	0.93%	2.18%	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)	468.00
(-) Cash Dividends Paid (M)	222.00
(=) Cash Retained (M)	246.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.60	58.50	35.10
Cash Retained (M)	246.00	246.00	246.00
(-) Cash Required (M)	-93.60	-58.50	-35.10
(=) Excess Retained (M)	152.40	187.50	210.90
(/) Shares Outstanding (M)	152.72	152.72	152.72
(=) Excess Retained per Share	1.00	1.23	1.38
LTM Dividend per Share	1.45	1.45	1.45
(+) Excess Retained per Share	1.00	1.23	1.38
(=) Adjusted Dividend	2.45	2.68	2.83
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.37	$36.97	$45.87
Upside / Downside	-53.23%	-41.13%	-26.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	468.00	463.32	458.69	454.10	449.56	445.06	458.42
Payout Ratio	47.44%	55.95%	64.46%	72.97%	81.49%	90.00%	92.50%
Projected Dividends (M)	222.00	259.22	295.68	331.38	366.33	400.56	424.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	241.67	244.13	246.60
Year 2 PV (M)	256.99	262.26	267.58
Year 3 PV (M)	268.51	276.82	285.29
Year 4 PV (M)	276.74	288.21	300.03
Year 5 PV (M)	282.10	296.79	312.08
PV of Terminal Value (M)	9,390.51	9,879.49	10,388.64
Equity Value (M)	10,716.51	11,247.69	11,800.22
Shares Outstanding (M)	152.72	152.72	152.72
Fair Value	$70.17	$73.65	$77.27
Upside / Downside	11.74%	17.28%	23.04%

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Rusta AB (publ) (RUSTA.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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