DDM Analysis: PND.F

Valuation Snapshot

Stable Growth	$27.50 - $152.54	$52.81
Multi-Stage	$23.07 - $25.26	$24.14
Blended Fair Value	$38.48
Current Price	$18.07
Upside	112.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.62%	-3.22%	0.58	0.65	0.72	0.45	0.27	1.07	1.01	1.19	0.82	0.47
YoY Growth	-	-	-11.29%	-9.74%	59.60%	68.71%	-74.99%	5.38%	-15.03%	45.38%	75.27%	-41.43%
Dividend Yield	-	-	3.38%	3.89%	4.26%	1.86%	1.27%	7.76%	5.02%	7.34%	5.81%	3.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.40
(-) Cash Dividends Paid (M)	293.20
(=) Cash Retained (M)	103.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.28	49.55	29.73
Cash Retained (M)	103.20	103.20	103.20
(-) Cash Required (M)	-79.28	-49.55	-29.73
(=) Excess Retained (M)	23.92	53.65	73.47
(/) Shares Outstanding (M)	509.39	509.39	509.39
(=) Excess Retained per Share	0.05	0.11	0.14
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	0.05	0.11	0.14
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.96%	4.96%	5.96%
Fair Value	$27.50	$52.81	$152.54
Upside / Downside	52.19%	192.26%	744.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.40	416.04	436.66	458.30	481.02	504.85	520.00
Payout Ratio	73.97%	77.17%	80.38%	83.59%	86.79%	90.00%	92.50%
Projected Dividends (M)	293.20	321.07	350.99	383.08	417.49	454.37	481.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	3.96%	4.96%	5.96%
Year 1 PV (M)	299.14	302.02	304.90
Year 2 PV (M)	304.67	310.56	316.51
Year 3 PV (M)	309.82	318.84	328.04
Year 4 PV (M)	314.58	326.86	339.50
Year 5 PV (M)	318.98	334.62	350.87
PV of Terminal Value (M)	10,204.85	10,705.21	11,225.01
Equity Value (M)	11,752.04	12,298.12	12,864.83
Shares Outstanding (M)	509.39	509.39	509.39
Fair Value	$23.07	$24.14	$25.26
Upside / Downside	27.67%	33.61%	39.76%

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Mowi ASA (PND.F)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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