DDM Analysis: TFBANK.ST

Valuation Snapshot

Stable Growth	$614.68 - $2,223.20	$1,947.42
Multi-Stage	$278.03 - $304.39	$290.97
Blended Fair Value	$1,119.20
Current Price	$181.00
Upside	518.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.04%	42.26%	0.45	0.00	0.33	0.33	0.11	0.77	0.75	0.73	0.15	0.28
YoY Growth	-	-	0.00%	-100.00%	0.00%	209.35%	-85.95%	2.22%	2.27%	388.89%	-46.56%	2,010.14%
Dividend Yield	-	-	0.40%	0.00%	0.75%	0.55%	0.27%	3.36%	2.49%	2.72%	0.47%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	722.15
(-) Cash Dividends Paid (M)	127.42
(=) Cash Retained (M)	594.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	144.43	90.27	54.16
Cash Retained (M)	594.73	594.73	594.73
(-) Cash Required (M)	-144.43	-90.27	-54.16
(=) Excess Retained (M)	450.30	504.46	540.57
(/) Shares Outstanding (M)	64.60	64.60	64.60
(=) Excess Retained per Share	6.97	7.81	8.37
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	6.97	7.81	8.37
(=) Adjusted Dividend	8.94	9.78	10.34
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$614.68	$1,947.42	$2,223.20
Upside / Downside	239.60%	975.92%	1,128.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	722.15	769.09	819.08	872.32	929.03	989.41	1,019.09
Payout Ratio	17.64%	32.12%	46.59%	61.06%	75.53%	90.00%	92.50%
Projected Dividends (M)	127.42	247.00	381.58	532.62	701.68	890.47	942.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	228.60	230.76	232.93
Year 2 PV (M)	326.85	333.07	339.36
Year 3 PV (M)	422.23	434.35	446.70
Year 4 PV (M)	514.81	534.61	554.98
Year 5 PV (M)	604.65	633.86	664.18
PV of Terminal Value (M)	15,863.79	16,630.02	17,425.57
Equity Value (M)	17,960.93	18,796.67	19,663.71
Shares Outstanding (M)	64.60	64.60	64.60
Fair Value	$278.03	$290.97	$304.39
Upside / Downside	53.61%	60.76%	68.17%

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TF Bank AB (publ) (TFBANK.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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