DDM Analysis: PAAL-B.CO

Valuation Snapshot

Stable Growth	$7,185.67 - $8,465.93	$7,933.82
Multi-Stage	$5,243.31 - $5,754.66	$5,494.21
Blended Fair Value	$6,714.01
Current Price	$657.00
Upside	921.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.50%	25.08%	9.84	7.83	8.14	6.70	5.72	5.23	4.20	4.20	3.15	1.58
YoY Growth	-	-	25.66%	-3.80%	21.54%	17.16%	9.42%	24.36%	0.00%	33.33%	100.00%	50.00%
Dividend Yield	-	-	1.96%	2.43%	3.11%	2.19%	1.85%	2.44%	2.14%	2.05%	1.79%	0.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	826.00
(-) Cash Dividends Paid (M)	208.00
(=) Cash Retained (M)	618.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	165.20	103.25	61.95
Cash Retained (M)	618.00	618.00	618.00
(-) Cash Required (M)	-165.20	-103.25	-61.95
(=) Excess Retained (M)	452.80	514.75	556.05
(/) Shares Outstanding (M)	19.40	19.40	19.40
(=) Excess Retained per Share	23.34	26.53	28.66
LTM Dividend per Share	10.72	10.72	10.72
(+) Excess Retained per Share	23.34	26.53	28.66
(=) Adjusted Dividend	34.06	37.25	39.38
WACC / Discount Rate	0.84%	0.84%	0.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7,185.67	$7,933.82	$8,465.93
Upside / Downside	993.71%	1,107.58%	1,188.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	826.00	879.69	936.87	997.77	1,062.62	1,131.69	1,165.64
Payout Ratio	25.18%	38.15%	51.11%	64.07%	77.04%	90.00%	92.50%
Projected Dividends (M)	208.00	335.56	478.82	639.30	818.60	1,018.52	1,078.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.84%	0.84%	0.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	329.65	332.77	335.89
Year 2 PV (M)	462.09	470.89	479.78
Year 3 PV (M)	606.08	623.48	641.21
Year 4 PV (M)	762.39	791.71	821.87
Year 5 PV (M)	931.86	976.87	1,023.60
PV of Terminal Value (M)	98,647.78	103,412.51	108,359.59
Equity Value (M)	101,739.85	106,608.23	111,661.94
Shares Outstanding (M)	19.40	19.40	19.40
Fair Value	$5,243.31	$5,494.21	$5,754.66
Upside / Downside	698.07%	736.26%	775.90%

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Per Aarsleff Holding A/S (PAAL-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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