DDM Analysis: CBTT-B.ST

Valuation Snapshot

Stable Growth	$408.54 - $481.33	$451.08
Multi-Stage	$273.28 - $299.92	$286.35
Blended Fair Value	$368.72
Current Price	$33.90
Upside	987.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	3.80%	0.00%	0.60	0.75	0.75	0.60	0.75	0.50	0.50	0.50	0.25	0.00
YoY Growth	-	-	-20.00%	0.00%	25.00%	-20.00%	50.64%	-0.43%	0.00%	100.00%	0.00%	0.00%
Dividend Yield	-	-	1.77%	3.71%	3.15%	1.83%	4.37%	1.88%	2.64%	2.51%	1.54%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	45.40
(-) Cash Dividends Paid (M)	11.26
(=) Cash Retained (M)	34.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.08	5.68	3.41
Cash Retained (M)	34.15	34.15	34.15
(-) Cash Required (M)	-9.08	-5.68	-3.41
(=) Excess Retained (M)	25.07	28.47	30.74
(/) Shares Outstanding (M)	18.76	18.76	18.76
(=) Excess Retained per Share	1.34	1.52	1.64
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	1.34	1.52	1.64
(=) Adjusted Dividend	1.94	2.12	2.24
WACC / Discount Rate	2.62%	2.62%	2.62%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$408.54	$451.08	$481.33
Upside / Downside	1,105.14%	1,230.62%	1,319.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	45.40	48.35	51.50	54.84	58.41	62.21	64.07
Payout Ratio	24.79%	37.83%	50.87%	63.92%	76.96%	90.00%	92.50%
Projected Dividends (M)	11.26	18.29	26.20	35.05	44.95	55.99	59.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.62%	2.62%	2.62%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	17.66	17.83	17.99
Year 2 PV (M)	24.41	24.88	25.35
Year 3 PV (M)	31.53	32.43	33.36
Year 4 PV (M)	39.03	40.53	42.07
Year 5 PV (M)	46.92	49.19	51.54
PV of Terminal Value (M)	4,967.05	5,206.96	5,456.05
Equity Value (M)	5,126.60	5,371.81	5,626.36
Shares Outstanding (M)	18.76	18.76	18.76
Fair Value	$273.28	$286.35	$299.92
Upside / Downside	706.14%	744.70%	784.73%

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Christian Berner Tech Trade AB (publ) (CBTT-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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