DDM Analysis: EXS.ST

Valuation Snapshot

Stable Growth	$38.90 - $56.06	$47.27
Multi-Stage	$61.69 - $67.86	$64.72
Blended Fair Value	$55.99
Current Price	$139.50
Upside	-59.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	1.75	1.68	1.43	1.22	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	3.98%	17.87%	16.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	0.93%	1.04%	0.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.51
(-) Cash Dividends Paid (M)	7.33
(=) Cash Retained (M)	66.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.70	9.19	5.51
Cash Retained (M)	66.18	66.18	66.18
(-) Cash Required (M)	-14.70	-9.19	-5.51
(=) Excess Retained (M)	51.47	56.99	60.66
(/) Shares Outstanding (M)	13.43	13.43	13.43
(=) Excess Retained per Share	3.83	4.24	4.52
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	3.83	4.24	4.52
(=) Adjusted Dividend	4.38	4.79	5.06
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$38.90	$47.27	$56.06
Upside / Downside	-72.11%	-66.12%	-59.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.51	72.77	72.04	71.32	70.61	69.90	72.00
Payout Ratio	9.97%	25.98%	41.98%	57.99%	73.99%	90.00%	92.50%
Projected Dividends (M)	7.33	18.91	30.25	41.36	52.25	62.91	66.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.16	17.34	17.51
Year 2 PV (M)	24.93	25.44	25.96
Year 3 PV (M)	30.95	31.91	32.89
Year 4 PV (M)	35.50	36.97	38.49
Year 5 PV (M)	38.81	40.83	42.93
PV of Terminal Value (M)	680.99	716.45	753.37
Equity Value (M)	828.34	868.94	911.15
Shares Outstanding (M)	13.43	13.43	13.43
Fair Value	$61.69	$64.72	$67.86
Upside / Downside	-55.78%	-53.61%	-51.36%

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Exsitec Holding AB (publ) (EXS.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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