DDM Analysis: HEBA-B.ST

Valuation Snapshot

Stable Growth	$47.99 - $204.29	$83.00
Multi-Stage	$43.96 - $48.19	$46.04
Blended Fair Value	$64.52
Current Price	$31.65
Upside	103.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.11%	5.66%	0.53	0.46	0.81	0.66	0.61	0.56	0.46	0.41	0.38	0.33
YoY Growth	-	-	15.61%	-43.75%	23.08%	8.33%	9.09%	22.22%	12.50%	6.67%	15.38%	8.33%
Dividend Yield	-	-	2.00%	1.36%	2.86%	0.87%	1.06%	1.34%	1.28%	1.49%	1.37%	1.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.60
(-) Cash Dividends Paid (M)	85.95
(=) Cash Retained (M)	173.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.92	32.45	19.47
Cash Retained (M)	173.65	173.65	173.65
(-) Cash Required (M)	-51.92	-32.45	-19.47
(=) Excess Retained (M)	121.73	141.20	154.18
(/) Shares Outstanding (M)	162.21	162.21	162.21
(=) Excess Retained per Share	0.75	0.87	0.95
LTM Dividend per Share	0.53	0.53	0.53
(+) Excess Retained per Share	0.75	0.87	0.95
(=) Adjusted Dividend	1.28	1.40	1.48
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	3.66%	4.66%	5.66%
Fair Value	$47.99	$83.00	$204.29
Upside / Downside	51.62%	162.26%	545.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.60	271.70	284.35	297.60	311.47	325.98	335.76
Payout Ratio	33.11%	44.49%	55.86%	67.24%	78.62%	90.00%	92.50%
Projected Dividends (M)	85.95	120.87	158.85	200.12	244.88	293.38	310.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	3.66%	4.66%	5.66%
Year 1 PV (M)	112.48	113.57	114.65
Year 2 PV (M)	137.58	140.25	142.94
Year 3 PV (M)	161.30	166.02	170.82
Year 4 PV (M)	183.70	190.89	198.29
Year 5 PV (M)	204.82	214.89	225.36
PV of Terminal Value (M)	6,331.01	6,642.33	6,965.79
Equity Value (M)	7,130.90	7,467.95	7,817.86
Shares Outstanding (M)	162.21	162.21	162.21
Fair Value	$43.96	$46.04	$48.19
Upside / Downside	38.89%	45.46%	52.27%

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Heba Fastighets AB (publ) (HEBA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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