DDM Analysis: WWIB.OL

Valuation Snapshot

Stable Growth	$114.41 - $169.01	$140.56
Multi-Stage	$155.13 - $170.24	$162.54
Blended Fair Value	$151.55
Current Price	$43.01
Upside	252.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.04%	1.84%	1.69	1.08	0.99	1.36	0.42	1.46	0.94	0.85	0.71	1.01
YoY Growth	-	-	56.52%	9.52%	-27.59%	222.22%	-70.97%	55.00%	11.11%	20.00%	-30.23%	-28.33%
Dividend Yield	-	-	4.64%	3.23%	3.95%	4.97%	1.98%	14.93%	5.41%	2.88%	2.68%	5.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	604.00
(-) Cash Dividends Paid (M)	80.00
(=) Cash Retained (M)	524.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	120.80	75.50	45.30
Cash Retained (M)	524.00	524.00	524.00
(-) Cash Required (M)	-120.80	-75.50	-45.30
(=) Excess Retained (M)	403.20	448.50	478.70
(/) Shares Outstanding (M)	42.50	42.50	42.50
(=) Excess Retained per Share	9.49	10.55	11.26
LTM Dividend per Share	1.88	1.88	1.88
(+) Excess Retained per Share	9.49	10.55	11.26
(=) Adjusted Dividend	11.37	12.44	13.15
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-0.16%	0.84%	1.84%
Fair Value	$114.41	$140.56	$169.01
Upside / Downside	166.01%	226.81%	292.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	604.00	609.07	614.19	619.35	624.55	629.80	648.69
Payout Ratio	13.25%	28.60%	43.95%	59.30%	74.65%	90.00%	92.50%
Projected Dividends (M)	80.00	174.17	269.92	367.26	466.22	566.82	600.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.76%	9.76%	9.76%
Growth Rate	-0.16%	0.84%	1.84%
Year 1 PV (M)	157.11	158.68	160.25
Year 2 PV (M)	219.62	224.04	228.51
Year 3 PV (M)	269.55	277.73	286.08
Year 4 PV (M)	308.66	321.21	334.14
Year 5 PV (M)	338.49	355.79	373.78
PV of Terminal Value (M)	5,299.61	5,570.38	5,852.11
Equity Value (M)	6,593.04	6,907.84	7,234.88
Shares Outstanding (M)	42.50	42.50	42.50
Fair Value	$155.13	$162.54	$170.24
Upside / Downside	260.69%	277.92%	295.81%

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Wilh. Wilhelmsen Holding ASA (WWIB.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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