DDM Analysis: 0DH7.L

Valuation Snapshot

Stable Growth	$101.41 - $163.52	$129.41
Multi-Stage	$213.42 - $234.68	$223.84
Blended Fair Value	$176.62
Current Price	$152.80
Upside	15.59%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-15.05%	-3.25%	3.48	6.40	10.30	10.21	9.16	7.86	7.65	7.58	6.81	6.72
YoY Growth	-	-	-45.71%	-37.83%	0.90%	11.49%	16.53%	2.75%	0.84%	11.42%	1.22%	38.94%
Dividend Yield	-	-	2.49%	4.73%	6.91%	5.11%	5.20%	5.38%	4.97%	6.09%	4.43%	5.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,043.00
(-) Cash Dividends Paid (M)	546.00
(=) Cash Retained (M)	497.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	208.60	130.38	78.23
Cash Retained (M)	497.00	497.00	497.00
(-) Cash Required (M)	-208.60	-130.38	-78.23
(=) Excess Retained (M)	288.40	366.63	418.78
(/) Shares Outstanding (M)	109.30	109.30	109.30
(=) Excess Retained per Share	2.64	3.35	3.83
LTM Dividend per Share	5.00	5.00	5.00
(+) Excess Retained per Share	2.64	3.35	3.83
(=) Adjusted Dividend	7.63	8.35	8.83
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.03%	-0.03%	0.97%
Fair Value	$101.41	$129.41	$163.52
Upside / Downside	-33.63%	-15.31%	7.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,043.00	1,042.68	1,042.37	1,042.05	1,041.73	1,041.41	1,072.66
Payout Ratio	52.35%	59.88%	67.41%	74.94%	82.47%	90.00%	92.50%
Projected Dividends (M)	546.00	624.35	702.65	780.91	859.11	937.27	992.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-1.03%	-0.03%	0.97%
Year 1 PV (M)	580.82	586.68	592.55
Year 2 PV (M)	608.08	620.43	632.90
Year 3 PV (M)	628.68	647.93	667.57
Year 4 PV (M)	643.41	669.81	697.02
Year 5 PV (M)	653.00	686.67	721.70
PV of Terminal Value (M)	20,211.59	21,253.53	22,338.01
Equity Value (M)	23,325.58	24,465.06	25,649.76
Shares Outstanding (M)	109.30	109.30	109.30
Fair Value	$213.42	$223.84	$234.68
Upside / Downside	39.67%	46.49%	53.59%

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AF Gruppen ASA (0DH7.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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