DDM Analysis: NORCO.OL

Valuation Snapshot

Stable Growth	$213.68 - $463.32	$434.20
Multi-Stage	$71.56 - $78.24	$74.84
Blended Fair Value	$254.52
Current Price	$47.50
Upside	435.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.07%	0.00%	1.14	2.88	0.84	0.81	0.66	0.59	0.95	0.00	0.00	0.00
YoY Growth	-	-	-60.53%	242.13%	3.67%	22.57%	12.54%	-38.28%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.57%	10.65%	4.44%	4.28%	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)	704.00
(-) Cash Dividends Paid (M)	512.00
(=) Cash Retained (M)	192.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	140.80	88.00	52.80
Cash Retained (M)	192.00	192.00	192.00
(-) Cash Required (M)	-140.80	-88.00	-52.80
(=) Excess Retained (M)	51.20	104.00	139.20
(/) Shares Outstanding (M)	302.19	302.19	302.19
(=) Excess Retained per Share	0.17	0.34	0.46
LTM Dividend per Share	1.69	1.69	1.69
(+) Excess Retained per Share	0.17	0.34	0.46
(=) Adjusted Dividend	1.86	2.04	2.15
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$213.68	$434.20	$463.32
Upside / Downside	349.85%	814.10%	875.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	704.00	749.76	798.49	850.40	905.67	964.54	993.48
Payout Ratio	72.73%	76.18%	79.64%	83.09%	86.55%	90.00%	92.50%
Projected Dividends (M)	512.00	571.18	635.89	706.60	783.82	868.09	918.97

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)	531.68	536.72	541.76
Year 2 PV (M)	550.99	561.48	572.07
Year 3 PV (M)	569.92	586.28	602.95
Year 4 PV (M)	588.48	611.11	634.39
Year 5 PV (M)	606.68	635.98	666.40
PV of Terminal Value (M)	18,777.72	19,684.69	20,626.37
Equity Value (M)	21,625.46	22,616.26	23,643.95
Shares Outstanding (M)	302.19	302.19	302.19
Fair Value	$71.56	$74.84	$78.24
Upside / Downside	50.66%	57.56%	64.72%

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Norconsult ASA (NORCO.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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