DDM Analysis: BAHN-B.ST

Valuation Snapshot

Stable Growth	$150.21 - $411.15	$385.31
Multi-Stage	$60.22 - $65.76	$62.94
Blended Fair Value	$224.12
Current Price	$60.00
Upside	273.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	29.46%	0.00%	2.01	1.76	1.00	0.75	0.60	0.55	0.50	0.33	0.33	0.00
YoY Growth	-	-	14.29%	75.00%	33.33%	25.00%	9.09%	10.00%	53.85%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.03%	4.03%	2.43%	2.15%	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)	221.67
(-) Cash Dividends Paid (M)	215.13
(=) Cash Retained (M)	6.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.33	27.71	16.63
Cash Retained (M)	6.54	6.54	6.54
(-) Cash Required (M)	-44.33	-27.71	-16.63
(=) Excess Retained (M)	-37.79	-21.17	-10.08
(/) Shares Outstanding (M)	107.22	107.22	107.22
(=) Excess Retained per Share	-0.35	-0.20	-0.09
LTM Dividend per Share	2.01	2.01	2.01
(+) Excess Retained per Share	-0.35	-0.20	-0.09
(=) Adjusted Dividend	1.65	1.81	1.91
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$150.21	$385.31	$411.15
Upside / Downside	150.35%	542.18%	585.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	221.67	236.08	251.43	267.77	285.18	303.71	312.82
Payout Ratio	97.05%	95.64%	94.23%	92.82%	91.41%	90.00%	92.50%
Projected Dividends (M)	215.13	225.79	236.92	248.54	260.68	273.34	289.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	209.70	211.68	213.67
Year 2 PV (M)	204.36	208.25	212.18
Year 3 PV (M)	199.11	204.82	210.65
Year 4 PV (M)	193.95	201.41	209.08
Year 5 PV (M)	188.88	198.00	207.47
PV of Terminal Value (M)	5,460.61	5,724.36	5,998.21
Equity Value (M)	6,456.59	6,748.52	7,051.25
Shares Outstanding (M)	107.22	107.22	107.22
Fair Value	$60.22	$62.94	$65.76
Upside / Downside	0.36%	4.90%	9.60%

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Bahnhof AB (publ) (BAHN-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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