DDM Analysis: RATO-A.ST

Valuation Snapshot

Stable Growth	$361.02 - $1,929.96	$653.28
Multi-Stage	$256.37 - $280.93	$268.42
Blended Fair Value	$460.85
Current Price	$36.86
Upside	1,150.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.65%	-8.91%	1.24	0.83	1.19	0.92	0.63	0.49	1.94	2.06	3.37	3.41
YoY Growth	-	-	49.27%	-29.74%	28.71%	46.38%	29.38%	-74.92%	-5.76%	-38.95%	-0.98%	7.69%
Dividend Yield	-	-	3.87%	2.44%	3.75%	1.89%	1.33%	2.35%	9.99%	6.33%	8.01%	6.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,639.00
(-) Cash Dividends Paid (M)	442.00
(=) Cash Retained (M)	3,197.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	727.80	454.88	272.93
Cash Retained (M)	3,197.00	3,197.00	3,197.00
(-) Cash Required (M)	-727.80	-454.88	-272.93
(=) Excess Retained (M)	2,469.20	2,742.13	2,924.08
(/) Shares Outstanding (M)	328.66	328.66	328.66
(=) Excess Retained per Share	7.51	8.34	8.90
LTM Dividend per Share	1.34	1.34	1.34
(+) Excess Retained per Share	7.51	8.34	8.90
(=) Adjusted Dividend	8.86	9.69	10.24
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.56%	5.56%	6.56%
Fair Value	$361.02	$653.28	$1,929.96
Upside / Downside	879.43%	1,672.33%	5,135.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,639.00	3,841.38	4,055.02	4,280.53	4,518.59	4,769.89	4,912.99
Payout Ratio	12.15%	27.72%	43.29%	58.86%	74.43%	90.00%	92.50%
Projected Dividends (M)	442.00	1,064.71	1,755.32	2,519.46	3,363.15	4,292.90	4,544.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.56%	5.56%	6.56%
Year 1 PV (M)	984.47	993.88	1,003.30
Year 2 PV (M)	1,500.69	1,529.54	1,558.65
Year 3 PV (M)	1,991.63	2,049.33	2,108.12
Year 4 PV (M)	2,458.20	2,553.60	2,651.74
Year 5 PV (M)	2,901.27	3,042.69	3,189.56
PV of Terminal Value (M)	74,421.43	78,048.89	81,816.45
Equity Value (M)	84,257.70	88,217.92	92,327.82
Shares Outstanding (M)	328.66	328.66	328.66
Fair Value	$256.37	$268.42	$280.93
Upside / Downside	595.53%	628.22%	662.14%

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Ratos AB (publ) (RATO-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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