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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VBTX	Veritex Holdings, Inc.	2.69%	$0.81	38.53%
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WINA	Winmark Corporation	2.68%	$10.76	96.24%
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LFVN	LifeVantage Corporation	2.67%	$0.16	18.67%
MMM	3M Company	2.67%	$4.31	68.77%
MSEX	Middlesex Water Company	2.67%	$1.34	56.69%
ONB	Old National Bancorp	2.67%	$0.60	35.48%
0HQU.L	CF Industries Holdings, Inc.	2.66%	$2.07	24.22%
MGY	Magnolia Oil & Gas Corporation	2.66%	$0.60	32.28%
PEBK	Peoples Bancorp of North Carolina, Inc.	2.66%	$0.95	30.99%
GSBC	Great Southern Bancorp, Inc.	2.65%	$1.63	26.64%
HD	The Home Depot, Inc.	2.65%	$9.15	62.39%
MVBF	MVB Financial Corp.	2.65%	$0.68	27.31%
PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
TWMIX	American Century Emerging Markets Investor Class	2.64%	$0.40	76.80%
0M2A.L	Adeia Inc.	2.63%	$0.35	53.29%
ALLY	Ally Financial Inc.	2.63%	$1.20	59.56%
FRAF	Franklin Financial Services Corporation	2.63%	$1.28	36.88%
LEA	Lear Corporation	2.63%	$3.12	37.81%
VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
MKC	McCormick & Company, Incorporated	2.62%	$1.76	61.04%
SLB	SLB N.V.	2.62%	$1.05	42.94%
BAH	Booz Allen Hamilton Holding Corporation	2.61%	$2.22	33.15%
GILD	Gilead Sciences, Inc.	2.61%	$3.18	49.10%
AWR	American States Water Company	2.60%	$1.88	55.89%
CBAN	Colony Bankcorp, Inc.	2.59%	$0.46	28.75%
MDU	MDU Resources Group, Inc.	2.59%	$0.51	62.41%
PLBC	Plumas Bancorp	2.59%	$1.14	27.38%
CRD-A	Crawford & Company	2.58%	$0.28	43.18%
WBS	Webster Financial Corporation	2.57%	$1.64	29.21%
FANG	Diamondback Energy, Inc.	2.56%	$3.90	26.98%
JEF	Jefferies Financial Group Inc.	2.56%	$1.63	49.77%
UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
DOX	Amdocs Limited	2.55%	$2.04	39.68%
DVN	Devon Energy Corporation	2.55%	$0.96	22.55%
TGNA	TEGNA Inc.	2.55%	$0.49	23.26%
CFFI	C&F Financial Corporation	2.54%	$1.80	22.24%
MTH	Meritage Homes Corporation	2.54%	$1.68	21.92%
DTM	DT Midstream, Inc.	2.52%	$3.04	77.42%
LEVI	Levi Strauss & Co.	2.52%	$0.52	34.78%
NFG	National Fuel Gas Company	2.52%	$2.07	36.34%
AMNB	American National Bankshares Inc.	2.51%	$1.20	48.76%
HIMYX	Pioneer High Income Municipal Fund Class Y	2.51%	$0.14	81.31%
ACNB	ACNB Corporation	2.50%	$1.18	37.66%
FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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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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