DDM Analysis: RUG.ST

Valuation Snapshot

Stable Growth	$26.08 - $39.92	$32.55
Multi-Stage	$56.32 - $61.98	$59.09
Blended Fair Value	$45.82
Current Price	$79.20
Upside	-42.15%
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%	1.80	1.50	2.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	20.00%	-40.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.99%	2.18%	5.59%	0.00%	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)	60.29
(-) Cash Dividends Paid (M)	25.98
(=) Cash Retained (M)	34.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.06	7.54	4.52
Cash Retained (M)	34.30	34.30	34.30
(-) Cash Required (M)	-12.06	-7.54	-4.52
(=) Excess Retained (M)	22.25	26.77	29.78
(/) Shares Outstanding (M)	20.76	20.76	20.76
(=) Excess Retained per Share	1.07	1.29	1.43
LTM Dividend per Share	1.25	1.25	1.25
(+) Excess Retained per Share	1.07	1.29	1.43
(=) Adjusted Dividend	2.32	2.54	2.69
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.08	$32.55	$39.92
Upside / Downside	-67.07%	-58.91%	-49.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.29	59.68	59.09	58.49	57.91	57.33	59.05
Payout Ratio	43.10%	52.48%	61.86%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	25.98	31.32	36.55	41.67	46.69	51.60	54.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.73%	6.73%	6.73%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.05	29.35	29.64
Year 2 PV (M)	31.44	32.09	32.74
Year 3 PV (M)	33.25	34.28	35.33
Year 4 PV (M)	34.55	35.98	37.46
Year 5 PV (M)	35.41	37.26	39.18
PV of Terminal Value (M)	1,005.51	1,057.87	1,112.39
Equity Value (M)	1,169.21	1,226.82	1,286.73
Shares Outstanding (M)	20.76	20.76	20.76
Fair Value	$56.32	$59.09	$61.98
Upside / Downside	-28.89%	-25.39%	-21.75%

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Rugvista Group AB (publ) (RUG.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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