DDM Analysis: INSTAL.ST

Valuation Snapshot

Stable Growth	$95.83 - $207.79	$194.73
Multi-Stage	$31.95 - $34.94	$33.41
Blended Fair Value	$114.07
Current Price	$25.50
Upside	347.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.65%	0.00%	0.67	0.65	0.64	0.53	0.43	0.27	0.20	0.00	0.00	0.00
YoY Growth	-	-	4.07%	1.78%	19.86%	22.61%	57.53%	40.38%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.18%	1.51%	1.27%	0.75%	0.68%	1.22%	1.20%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	278.00
(-) Cash Dividends Paid (M)	182.00
(=) Cash Retained (M)	96.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.60	34.75	20.85
Cash Retained (M)	96.00	96.00	96.00
(-) Cash Required (M)	-55.60	-34.75	-20.85
(=) Excess Retained (M)	40.40	61.25	75.15
(/) Shares Outstanding (M)	266.08	266.08	266.08
(=) Excess Retained per Share	0.15	0.23	0.28
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.15	0.23	0.28
(=) Adjusted Dividend	0.84	0.91	0.97
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.83	$194.73	$207.79
Upside / Downside	275.80%	663.63%	714.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	278.00	296.07	315.31	335.81	357.64	380.88	392.31
Payout Ratio	65.47%	70.37%	75.28%	80.19%	85.09%	90.00%	92.50%
Projected Dividends (M)	182.00	208.36	237.37	269.28	304.33	342.80	362.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	193.95	195.79	197.63
Year 2 PV (M)	205.68	209.59	213.55
Year 3 PV (M)	217.19	223.42	229.77
Year 4 PV (M)	228.48	237.27	246.31
Year 5 PV (M)	239.57	251.14	263.15
PV of Terminal Value (M)	7,415.07	7,773.22	8,145.07
Equity Value (M)	8,499.93	8,890.43	9,295.48
Shares Outstanding (M)	266.08	266.08	266.08
Fair Value	$31.95	$33.41	$34.94
Upside / Downside	25.28%	31.03%	37.00%

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Instalco AB (publ) (INSTAL.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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