DDM Analysis: TIV.CO

Valuation Snapshot

Stable Growth	$294.76 - $554.47	$400.25
Multi-Stage	$335.36 - $367.45	$351.11
Blended Fair Value	$375.68
Current Price	$614.00
Upside	-38.81%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.76%	8.91%	3.77	2.84	0.00	0.00	0.00	4.12	3.42	3.28	1.92	1.94
YoY Growth	-	-	32.52%	0.00%	0.00%	0.00%	-100.00%	20.41%	4.26%	70.91%	-0.90%	20.65%
Dividend Yield	-	-	0.59%	0.39%	0.00%	0.00%	0.00%	0.63%	0.50%	0.50%	0.32%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.20
(-) Cash Dividends Paid (M)	30.90
(=) Cash Retained (M)	79.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.04	13.78	8.27
Cash Retained (M)	79.30	79.30	79.30
(-) Cash Required (M)	-22.04	-13.78	-8.27
(=) Excess Retained (M)	57.26	65.53	71.04
(/) Shares Outstanding (M)	5.73	5.73	5.73
(=) Excess Retained per Share	9.99	11.43	12.39
LTM Dividend per Share	5.39	5.39	5.39
(+) Excess Retained per Share	9.99	11.43	12.39
(=) Adjusted Dividend	15.38	16.82	17.78
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	2.67%	3.67%	4.67%
Fair Value	$294.76	$400.25	$554.47
Upside / Downside	-51.99%	-34.81%	-9.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.20	114.25	118.44	122.79	127.30	131.97	135.93
Payout Ratio	28.04%	40.43%	52.82%	65.22%	77.61%	90.00%	92.50%
Projected Dividends (M)	30.90	46.19	62.57	80.08	98.79	118.77	125.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	2.67%	3.67%	4.67%
Year 1 PV (M)	42.35	42.76	43.17
Year 2 PV (M)	52.58	53.61	54.65
Year 3 PV (M)	61.70	63.52	65.37
Year 4 PV (M)	69.78	72.54	75.38
Year 5 PV (M)	76.91	80.73	84.70
PV of Terminal Value (M)	1,619.22	1,699.63	1,783.19
Equity Value (M)	1,922.54	2,012.78	2,106.47
Shares Outstanding (M)	5.73	5.73	5.73
Fair Value	$335.36	$351.11	$367.45
Upside / Downside	-45.38%	-42.82%	-40.15%

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Tivoli A/S (TIV.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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