DDM Analysis: 0RPZ.L

Valuation Snapshot

Stable Growth	$449.80 - $1,731.26	$1,280.64
Multi-Stage	$208.20 - $228.08	$217.96
Blended Fair Value	$749.30
Current Price	$413.80
Upside	81.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.81%	24.37%	4.47	3.71	2.78	1.85	0.00	1.67	1.39	0.93	0.58	0.56
YoY Growth	-	-	20.56%	33.37%	49.94%	0.00%	-100.00%	20.05%	49.61%	60.08%	3.38%	11.12%
Dividend Yield	-	-	1.01%	0.78%	0.66%	0.42%	0.00%	1.36%	0.82%	0.78%	0.70%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	438.00
(-) Cash Dividends Paid (M)	4.31
(=) Cash Retained (M)	433.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.60	54.75	32.85
Cash Retained (M)	433.69	433.69	433.69
(-) Cash Required (M)	-87.60	-54.75	-32.85
(=) Excess Retained (M)	346.09	378.94	400.84
(/) Shares Outstanding (M)	50.31	50.31	50.31
(=) Excess Retained per Share	6.88	7.53	7.97
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	6.88	7.53	7.97
(=) Adjusted Dividend	6.96	7.62	8.05
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$449.80	$1,280.64	$1,731.26
Upside / Downside	8.70%	209.48%	318.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	438.00	466.47	496.79	529.08	563.47	600.10	618.10
Payout Ratio	0.98%	18.79%	36.59%	54.39%	72.20%	90.00%	92.50%
Projected Dividends (M)	4.31	87.64	181.78	287.79	406.81	540.09	571.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	81.03	81.80	82.57
Year 2 PV (M)	155.42	158.38	161.36
Year 3 PV (M)	227.51	234.04	240.70
Year 4 PV (M)	297.37	308.81	320.57
Year 5 PV (M)	365.05	382.68	400.99
PV of Terminal Value (M)	9,349.26	9,800.83	10,269.69
Equity Value (M)	10,475.64	10,966.54	11,475.88
Shares Outstanding (M)	50.31	50.31	50.31
Fair Value	$208.20	$217.96	$228.08
Upside / Downside	-49.69%	-47.33%	-44.88%

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HMS Networks AB (publ) (0RPZ.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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