DDM Analysis: SADG.OL

Valuation Snapshot

Stable Growth	$1,562.62 - $3,039.92	$2,848.85
Multi-Stage	$461.32 - $505.65	$483.08
Blended Fair Value	$1,665.97
Current Price	$96.00
Upside	1,635.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	14.62%	19.56%	5.91	5.24	5.84	7.78	5.57	2.99	1.34	0.00	0.99	0.00
YoY Growth	-	-	12.84%	-10.36%	-24.87%	39.67%	86.38%	123.71%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	5.82%	6.05%	5.70%	9.42%	9.86%	4.86%	2.76%	0.00%	2.38%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.11
(-) Cash Dividends Paid (M)	0.40
(=) Cash Retained (M)	328.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.82	41.14	24.68
Cash Retained (M)	328.71	328.71	328.71
(-) Cash Required (M)	-65.82	-41.14	-24.68
(=) Excess Retained (M)	262.89	287.57	304.03
(/) Shares Outstanding (M)	21.53	21.53	21.53
(=) Excess Retained per Share	12.21	13.36	14.12
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	12.21	13.36	14.12
(=) Adjusted Dividend	12.23	13.37	14.14
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,562.62	$2,848.85	$3,039.92
Upside / Downside	1,527.73%	2,867.56%	3,066.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.11	350.50	373.28	397.55	423.39	450.91	464.44
Payout Ratio	0.12%	18.10%	36.07%	54.05%	72.02%	90.00%	92.50%
Projected Dividends (M)	0.40	63.43	134.65	214.87	304.94	405.82	429.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.10	59.66	60.22
Year 2 PV (M)	116.88	119.11	121.36
Year 3 PV (M)	173.77	178.76	183.84
Year 4 PV (M)	229.76	238.60	247.69
Year 5 PV (M)	284.88	298.64	312.92
PV of Terminal Value (M)	9,068.23	9,506.23	9,961.00
Equity Value (M)	9,932.62	10,400.99	10,887.02
Shares Outstanding (M)	21.53	21.53	21.53
Fair Value	$461.32	$483.08	$505.65
Upside / Downside	380.54%	403.20%	426.72%

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MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
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TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
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%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
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%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
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%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
0L5A.L	Sempra	2.69%	$2.41	72.79%

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Sandnes Sparebank (SADG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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