DDM Analysis: ATRLJ-B.ST

Valuation Snapshot

Stable Growth	$18.93 - $31.02	$24.32
Multi-Stage	$40.72 - $44.81	$42.72
Blended Fair Value	$33.52
Current Price	$31.67
Upside	5.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.91%	1.06%	0.70	1.06	1.04	1.02	1.03	1.00	0.95	0.83	0.75	0.70
YoY Growth	-	-	-33.98%	1.67%	2.66%	-1.39%	2.85%	5.34%	13.88%	11.21%	7.50%	10.83%
Dividend Yield	-	-	2.11%	2.58%	3.08%	2.64%	3.29%	3.23%	2.95%	3.39%	2.75%	2.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,075.00
(-) Cash Dividends Paid (M)	448.00
(=) Cash Retained (M)	627.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	215.00	134.38	80.63
Cash Retained (M)	627.00	627.00	627.00
(-) Cash Required (M)	-215.00	-134.38	-80.63
(=) Excess Retained (M)	412.00	492.63	546.38
(/) Shares Outstanding (M)	630.53	630.53	630.53
(=) Excess Retained per Share	0.65	0.78	0.87
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	0.65	0.78	0.87
(=) Adjusted Dividend	1.36	1.49	1.58
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-0.94%	0.06%	1.06%
Fair Value	$18.93	$24.32	$31.02
Upside / Downside	-40.24%	-23.22%	-2.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,075.00	1,075.61	1,076.22	1,076.83	1,077.44	1,078.05	1,110.39
Payout Ratio	41.67%	51.34%	61.00%	70.67%	80.33%	90.00%	92.50%
Projected Dividends (M)	448.00	552.21	656.54	760.99	865.56	970.24	1,027.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-0.94%	0.06%	1.06%
Year 1 PV (M)	514.80	520.00	525.20
Year 2 PV (M)	570.60	582.18	593.87
Year 3 PV (M)	616.57	635.43	654.67
Year 4 PV (M)	653.78	680.58	708.20
Year 5 PV (M)	683.20	718.39	755.01
PV of Terminal Value (M)	22,636.06	23,801.95	25,015.39
Equity Value (M)	25,675.00	26,938.52	28,252.33
Shares Outstanding (M)	630.53	630.53	630.53
Fair Value	$40.72	$42.72	$44.81
Upside / Downside	28.58%	34.90%	41.48%

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Atrium Ljungberg AB (publ) (ATRLJ-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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