DDM Analysis: LASP.CO

Valuation Snapshot

Stable Growth	$6,940.53 - $25,123.55	$21,954.51
Multi-Stage	$3,136.51 - $3,434.11	$3,282.58
Blended Fair Value	$12,618.54
Current Price	$825.00
Upside	1,429.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.86%	13.82%	19.95	9.99	10.00	7.99	10.00	9.98	7.79	6.24	6.23	6.24
YoY Growth	-	-	99.80%	-0.14%	25.14%	-20.06%	0.17%	28.05%	24.91%	0.14%	-0.17%	14.17%
Dividend Yield	-	-	2.57%	1.43%	1.54%	1.26%	1.96%	2.25%	1.69%	1.32%	1.21%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	437.09
(-) Cash Dividends Paid (M)	69.31
(=) Cash Retained (M)	367.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.42	54.64	32.78
Cash Retained (M)	367.78	367.78	367.78
(-) Cash Required (M)	-87.42	-54.64	-32.78
(=) Excess Retained (M)	280.36	313.14	335.00
(/) Shares Outstanding (M)	3.46	3.46	3.46
(=) Excess Retained per Share	81.03	90.50	96.82
LTM Dividend per Share	20.03	20.03	20.03
(+) Excess Retained per Share	81.03	90.50	96.82
(=) Adjusted Dividend	101.06	110.54	116.85
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6,940.53	$21,954.51	$25,123.55
Upside / Downside	741.28%	2,561.15%	2,945.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	437.09	465.50	495.76	527.98	562.30	598.85	616.82
Payout Ratio	15.86%	30.69%	45.51%	60.34%	75.17%	90.00%	92.50%
Projected Dividends (M)	69.31	142.84	225.64	318.60	422.69	538.97	570.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	132.20	133.45	134.71
Year 2 PV (M)	193.27	196.95	200.67
Year 3 PV (M)	252.56	259.81	267.20
Year 4 PV (M)	310.11	322.03	334.30
Year 5 PV (M)	365.95	383.63	401.98
PV of Terminal Value (M)	9,598.09	10,061.68	10,543.01
Equity Value (M)	10,852.18	11,357.55	11,881.86
Shares Outstanding (M)	3.46	3.46	3.46
Fair Value	$3,136.51	$3,282.58	$3,434.11
Upside / Downside	280.18%	297.89%	316.26%

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Lån & Spar Bank A/S (LASP.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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