DDM Analysis: ZZ-B.ST

Valuation Snapshot

Stable Growth	$590.66 - $1,290.27	$1,209.17
Multi-Stage	$197.09 - $215.58	$206.17
Blended Fair Value	$707.67
Current Price	$140.00
Upside	405.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.17%	43.88%	2.74	1.58	1.79	1.12	0.61	0.61	0.39	0.22	0.21	0.21
YoY Growth	-	-	73.69%	-12.09%	60.03%	83.23%	0.79%	55.56%	80.00%	4.92%	0.49%	185.27%
Dividend Yield	-	-	1.91%	2.04%	4.09%	2.83%	0.77%	3.08%	3.48%	2.52%	1.99%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.96
(-) Cash Dividends Paid (M)	143.06
(=) Cash Retained (M)	100.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.79	30.50	18.30
Cash Retained (M)	100.90	100.90	100.90
(-) Cash Required (M)	-48.79	-30.50	-18.30
(=) Excess Retained (M)	52.11	70.40	82.60
(/) Shares Outstanding (M)	37.60	37.60	37.60
(=) Excess Retained per Share	1.39	1.87	2.20
LTM Dividend per Share	3.80	3.80	3.80
(+) Excess Retained per Share	1.39	1.87	2.20
(=) Adjusted Dividend	5.19	5.68	6.00
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$590.66	$1,209.17	$1,290.27
Upside / Downside	321.90%	763.70%	821.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.96	259.82	276.71	294.69	313.85	334.25	344.27
Payout Ratio	58.64%	64.91%	71.18%	77.46%	83.73%	90.00%	92.50%
Projected Dividends (M)	143.06	168.66	196.97	228.26	262.78	300.82	318.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	156.98	158.47	159.96
Year 2 PV (M)	170.65	173.90	177.18
Year 3 PV (M)	184.07	189.35	194.74
Year 4 PV (M)	197.24	204.82	212.63
Year 5 PV (M)	210.17	220.32	230.86
PV of Terminal Value (M)	6,491.99	6,805.55	7,131.12
Equity Value (M)	7,411.10	7,752.42	8,106.48
Shares Outstanding (M)	37.60	37.60	37.60
Fair Value	$197.09	$206.17	$215.58
Upside / Downside	40.78%	47.26%	53.99%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Zinzino AB (publ) (ZZ-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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