DDM Analysis: TRSB.OL

Valuation Snapshot

Stable Growth	$131.36 - $199.06	$163.21
Multi-Stage	$267.85 - $294.83	$281.08
Blended Fair Value	$222.14
Current Price	$116.96
Upside	89.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	3.27	1.42	1.55	2.25	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	130.10%	-8.22%	-31.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.94%	1.27%	0.00%	0.00%	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)	72.36
(-) Cash Dividends Paid (M)	22.92
(=) Cash Retained (M)	49.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.47	9.04	5.43
Cash Retained (M)	49.44	49.44	49.44
(-) Cash Required (M)	-14.47	-9.04	-5.43
(=) Excess Retained (M)	34.97	40.40	44.01
(/) Shares Outstanding (M)	4.78	4.78	4.78
(=) Excess Retained per Share	7.32	8.45	9.21
LTM Dividend per Share	4.79	4.79	4.79
(+) Excess Retained per Share	7.32	8.45	9.21
(=) Adjusted Dividend	12.11	13.25	14.00
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$131.36	$163.21	$199.06
Upside / Downside	12.32%	39.54%	70.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.36	71.64	70.92	70.21	69.51	68.81	70.88
Payout Ratio	31.67%	43.34%	55.00%	66.67%	78.33%	90.00%	92.50%
Projected Dividends (M)	22.92	31.05	39.01	46.81	54.45	61.93	65.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.71	29.01	29.30
Year 2 PV (M)	33.37	34.05	34.74
Year 3 PV (M)	37.03	38.17	39.34
Year 4 PV (M)	39.83	41.49	43.19
Year 5 PV (M)	41.90	44.09	46.36
PV of Terminal Value (M)	1,099.49	1,156.75	1,216.36
Equity Value (M)	1,280.34	1,343.54	1,409.28
Shares Outstanding (M)	4.78	4.78	4.78
Fair Value	$267.85	$281.08	$294.83
Upside / Downside	129.01%	140.32%	152.08%

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Trøndelag Sparebank (TRSB.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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