DDM Analysis: 0OFP.IL

Valuation Snapshot

Stable Growth	$176.49 - $286.94	$226.00
Multi-Stage	$357.70 - $393.76	$375.37
Blended Fair Value	$300.69
Current Price	$216.20
Upside	39.08%
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	12.57%	-4.92%	7.99	5.99	6.32	5.50	2.75	4.42	8.83	8.84	3.31	13.23
YoY Growth	-	-	33.28%	-5.18%	14.87%	100.00%	-37.73%	-50.00%	-0.12%	166.98%	-74.96%	0.00%
Dividend Yield	-	-	4.20%	4.12%	6.88%	4.11%	1.87%	3.39%	6.10%	5.57%	1.50%	6.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,586.00
(-) Cash Dividends Paid (M)	390.00
(=) Cash Retained (M)	1,196.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	317.20	198.25	118.95
Cash Retained (M)	1,196.00	1,196.00	1,196.00
(-) Cash Required (M)	-317.20	-198.25	-118.95
(=) Excess Retained (M)	878.80	997.75	1,077.05
(/) Shares Outstanding (M)	97.80	97.80	97.80
(=) Excess Retained per Share	8.99	10.20	11.01
LTM Dividend per Share	3.99	3.99	3.99
(+) Excess Retained per Share	8.99	10.20	11.01
(=) Adjusted Dividend	12.97	14.19	15.00
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.87%	0.13%	1.13%
Fair Value	$176.49	$226.00	$286.94
Upside / Downside	-18.37%	4.53%	32.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,586.00	1,588.11	1,590.23	1,592.34	1,594.46	1,596.59	1,644.48
Payout Ratio	24.59%	37.67%	50.75%	63.84%	76.92%	90.00%	92.50%
Projected Dividends (M)	390.00	598.28	807.10	1,016.49	1,226.43	1,436.93	1,521.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-0.87%	0.13%	1.13%
Year 1 PV (M)	556.57	562.18	567.80
Year 2 PV (M)	698.50	712.66	726.96
Year 3 PV (M)	818.38	843.39	868.92
Year 4 PV (M)	918.57	956.20	994.97
Year 5 PV (M)	1,001.20	1,052.72	1,106.35
PV of Terminal Value (M)	30,988.91	32,583.76	34,243.60
Equity Value (M)	34,982.12	36,710.91	38,508.60
Shares Outstanding (M)	97.80	97.80	97.80
Fair Value	$357.70	$375.37	$393.76
Upside / Downside	65.45%	73.62%	82.13%

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NCC AB (publ) (0OFP.IL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener