DDM Analysis: ASSA-B.ST

Valuation Snapshot

Stable Growth	$864.72 - $2,628.69	$2,463.46
Multi-Stage	$357.86 - $391.49	$374.37
Blended Fair Value	$1,418.92
Current Price	$326.60
Upside	334.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.06%	11.01%	5.40	4.80	4.20	3.90	3.85	3.50	3.30	3.00	2.65	2.17
YoY Growth	-	-	12.51%	14.27%	7.71%	1.29%	10.01%	6.06%	10.02%	13.18%	22.31%	14.08%
Dividend Yield	-	-	1.80%	1.57%	1.69%	1.53%	1.53%	1.86%	1.63%	1.66%	1.44%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,682.00
(-) Cash Dividends Paid (M)	6,285.00
(=) Cash Retained (M)	8,397.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,936.40	1,835.25	1,101.15
Cash Retained (M)	8,397.00	8,397.00	8,397.00
(-) Cash Required (M)	-2,936.40	-1,835.25	-1,101.15
(=) Excess Retained (M)	5,460.60	6,561.75	7,295.85
(/) Shares Outstanding (M)	1,110.78	1,110.78	1,110.78
(=) Excess Retained per Share	4.92	5.91	6.57
LTM Dividend per Share	5.66	5.66	5.66
(+) Excess Retained per Share	4.92	5.91	6.57
(=) Adjusted Dividend	10.57	11.57	12.23
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$864.72	$2,463.46	$2,628.69
Upside / Downside	164.76%	654.28%	704.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,682.00	15,636.33	16,652.69	17,735.12	18,887.90	20,115.61	20,719.08
Payout Ratio	42.81%	52.25%	61.68%	71.12%	80.56%	90.00%	92.50%
Projected Dividends (M)	6,285.00	8,169.36	10,272.13	12,613.75	15,216.38	18,104.05	19,165.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.79%	6.79%	6.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,578.09	7,649.92	7,721.75
Year 2 PV (M)	8,839.02	9,007.38	9,177.33
Year 3 PV (M)	10,068.38	10,357.41	10,651.91
Year 4 PV (M)	11,266.74	11,700.03	12,145.70
Year 5 PV (M)	12,434.69	13,035.29	13,658.87
PV of Terminal Value (M)	347,311.47	364,086.74	381,504.04
Equity Value (M)	397,498.39	415,836.77	434,859.60
Shares Outstanding (M)	1,110.78	1,110.78	1,110.78
Fair Value	$357.86	$374.37	$391.49
Upside / Downside	9.57%	14.63%	19.87%

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ASSA ABLOY AB (publ) (ASSA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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