DDM Analysis: NTEK-B.ST

Valuation Snapshot

Stable Growth	$433.91 - $1,354.60	$1,269.46
Multi-Stage	$180.49 - $197.56	$188.87
Blended Fair Value	$729.16
Current Price	$79.40
Upside	818.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.72%	5.14%	1.65	1.50	1.50	2.25	0.00	1.25	1.25	1.25	1.00	1.00
YoY Growth	-	-	10.06%	0.00%	-33.33%	0.00%	-100.00%	0.00%	0.00%	25.00%	0.00%	0.00%
Dividend Yield	-	-	2.17%	2.31%	2.70%	3.66%	0.00%	4.86%	3.69%	4.39%	4.03%	5.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.20
(-) Cash Dividends Paid (M)	19.10
(=) Cash Retained (M)	53.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.44	9.03	5.42
Cash Retained (M)	53.10	53.10	53.10
(-) Cash Required (M)	-14.44	-9.03	-5.42
(=) Excess Retained (M)	38.66	44.08	47.69
(/) Shares Outstanding (M)	10.60	10.60	10.60
(=) Excess Retained per Share	3.65	4.16	4.50
LTM Dividend per Share	1.80	1.80	1.80
(+) Excess Retained per Share	3.65	4.16	4.50
(=) Adjusted Dividend	5.45	5.96	6.30
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$433.91	$1,269.46	$1,354.60
Upside / Downside	446.48%	1,498.82%	1,606.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.20	76.89	81.89	87.21	92.88	98.92	101.89
Payout Ratio	26.45%	39.16%	51.87%	64.58%	77.29%	90.00%	92.50%
Projected Dividends (M)	19.10	30.11	42.48	56.32	71.79	89.03	94.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.93	28.19	28.45
Year 2 PV (M)	36.53	37.22	37.93
Year 3 PV (M)	44.91	46.20	47.52
Year 4 PV (M)	53.09	55.13	57.23
Year 5 PV (M)	61.05	64.00	67.06
PV of Terminal Value (M)	1,689.66	1,771.27	1,856.00
Equity Value (M)	1,913.16	2,002.01	2,094.19
Shares Outstanding (M)	10.60	10.60	10.60
Fair Value	$180.49	$188.87	$197.56
Upside / Downside	127.31%	137.87%	148.82%

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FMBH	First Mid Bancshares, Inc.	2.50%	$0.96	26.52%

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Novotek AB (NTEK-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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