DDM Analysis: AJA-B.ST

Valuation Snapshot

Stable Growth	$8.74 - $13.98	$11.11
Multi-Stage	$7.63 - $8.29	$7.96
Blended Fair Value	$9.53
Current Price	$67.75
Upside	-85.93%
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	14.07%	0.00%	0.33	0.28	0.55	0.00	0.19	0.17	0.16	0.14	0.13	0.00
YoY Growth	-	-	18.19%	-49.97%	0.00%	-100.00%	14.31%	7.69%	8.35%	13.26%	0.00%	0.00%
Dividend Yield	-	-	0.52%	0.44%	0.75%	0.00%	0.37%	0.46%	0.38%	0.52%	0.56%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.87
(-) Cash Dividends Paid (M)	12.39
(=) Cash Retained (M)	10.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.57	2.86	1.72
Cash Retained (M)	10.49	10.49	10.49
(-) Cash Required (M)	-4.57	-2.86	-1.72
(=) Excess Retained (M)	5.91	7.63	8.77
(/) Shares Outstanding (M)	29.14	29.14	29.14
(=) Excess Retained per Share	0.20	0.26	0.30
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.20	0.26	0.30
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	13.08%	13.08%	13.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.74	$11.11	$13.98
Upside / Downside	-87.11%	-83.60%	-79.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.87	24.36	25.94	27.63	29.43	31.34	32.28
Payout Ratio	54.16%	61.33%	68.50%	75.66%	82.83%	90.00%	92.50%
Projected Dividends (M)	12.39	14.94	17.77	20.91	24.37	28.20	29.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	13.08%	13.08%	13.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.09	13.21	13.33
Year 2 PV (M)	13.64	13.90	14.16
Year 3 PV (M)	14.05	14.46	14.87
Year 4 PV (M)	14.35	14.90	15.47
Year 5 PV (M)	14.55	15.25	15.98
PV of Terminal Value (M)	152.72	160.09	167.75
Equity Value (M)	222.39	231.81	241.56
Shares Outstanding (M)	29.14	29.14	29.14
Fair Value	$7.63	$7.96	$8.29
Upside / Downside	-88.73%	-88.26%	-87.76%

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Byggmästare Anders J Ahlström Holding AB (publ) (AJA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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