DDM Analysis: VIT-B.ST

Valuation Snapshot

Stable Growth	$437.76 - $1,983.05	$1,007.29
Multi-Stage	$227.83 - $249.18	$238.31
Blended Fair Value	$622.80
Current Price	$331.40
Upside	87.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.00%	22.29%	2.74	2.08	1.71	1.34	0.84	0.98	0.82	0.74	0.66	0.49
YoY Growth	-	-	32.15%	21.32%	28.13%	59.73%	-14.21%	18.23%	11.65%	11.11%	34.33%	34.92%
Dividend Yield	-	-	0.50%	0.38%	0.32%	0.27%	0.22%	0.54%	0.89%	0.88%	1.01%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.85
(-) Cash Dividends Paid (M)	131.12
(=) Cash Retained (M)	265.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.37	49.61	29.76
Cash Retained (M)	265.74	265.74	265.74
(-) Cash Required (M)	-79.37	-49.61	-29.76
(=) Excess Retained (M)	186.37	216.13	235.97
(/) Shares Outstanding (M)	39.80	39.80	39.80
(=) Excess Retained per Share	4.68	5.43	5.93
LTM Dividend per Share	3.29	3.29	3.29
(+) Excess Retained per Share	4.68	5.43	5.93
(=) Adjusted Dividend	7.98	8.72	9.22
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$437.76	$1,007.29	$1,983.05
Upside / Downside	32.09%	203.95%	498.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.85	422.65	450.12	479.38	510.54	543.72	560.03
Payout Ratio	33.04%	44.43%	55.82%	67.22%	78.61%	90.00%	92.50%
Projected Dividends (M)	131.12	187.79	251.27	322.22	401.32	489.35	518.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	173.17	174.81	176.45
Year 2 PV (M)	213.68	217.75	221.86
Year 3 PV (M)	252.68	259.93	267.32
Year 4 PV (M)	290.22	301.38	312.86
Year 5 PV (M)	326.33	342.09	358.46
PV of Terminal Value (M)	7,811.39	8,188.68	8,580.42
Equity Value (M)	9,067.46	9,484.64	9,917.36
Shares Outstanding (M)	39.80	39.80	39.80
Fair Value	$227.83	$238.31	$249.18
Upside / Downside	-31.25%	-28.09%	-24.81%

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Vitec Software Group AB (publ) (VIT-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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