DDM Analysis: LEMON.HE

Valuation Snapshot

Stable Growth	$10.11 - $45.77	$23.26
Multi-Stage	$5.38 - $5.88	$5.63
Blended Fair Value	$14.44
Current Price	$7.04
Upside	105.14%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	16.25%	0.00%	0.14	0.14	0.13	0.12	0.08	0.07	0.04	0.00	0.00	0.00
YoY Growth	-	-	0.15%	9.22%	7.51%	44.44%	25.00%	50.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.55%	2.38%	1.62%	0.91%	0.53%	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)	4.26
(-) Cash Dividends Paid (M)	2.59
(=) Cash Retained (M)	1.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.85	0.53	0.32
Cash Retained (M)	1.67	1.67	1.67
(-) Cash Required (M)	-0.85	-0.53	-0.32
(=) Excess Retained (M)	0.82	1.14	1.35
(/) Shares Outstanding (M)	18.51	18.51	18.51
(=) Excess Retained per Share	0.04	0.06	0.07
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.04	0.06	0.07
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.11	$23.26	$45.77
Upside / Downside	43.55%	230.36%	550.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4.26	4.54	4.83	5.15	5.48	5.84	6.01
Payout Ratio	60.80%	66.64%	72.48%	78.32%	84.16%	90.00%	92.50%
Projected Dividends (M)	2.59	3.02	3.50	4.03	4.61	5.25	5.56

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)	2.79	2.81	2.84
Year 2 PV (M)	2.98	3.03	3.09
Year 3 PV (M)	3.16	3.25	3.34
Year 4 PV (M)	3.34	3.46	3.60
Year 5 PV (M)	3.50	3.67	3.85
PV of Terminal Value (M)	83.86	87.91	92.11
Equity Value (M)	99.62	104.15	108.83
Shares Outstanding (M)	18.51	18.51	18.51
Fair Value	$5.38	$5.63	$5.88
Upside / Downside	-23.55%	-20.08%	-16.48%

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Lemonsoft Oyj (LEMON.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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