DDM Analysis: NSIS-B.CO

Valuation Snapshot

Stable Growth	$12.25 - $16.15	$14.29
Multi-Stage	$44.28 - $49.10	$46.64
Blended Fair Value	$30.46
Current Price	$389.10
Upside	-92.17%
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	-29.54%	-10.84%	0.54	6.08	3.28	3.15	3.19	3.09	2.83	2.57	2.28	1.99
YoY Growth	-	-	-91.16%	85.37%	4.03%	-1.21%	3.13%	9.27%	10.40%	12.35%	14.70%	17.53%
Dividend Yield	-	-	0.13%	1.54%	0.93%	0.68%	0.79%	1.00%	0.91%	0.82%	0.83%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,594.67
(-) Cash Dividends Paid (M)	1,434.41
(=) Cash Retained (M)	160.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	318.93	199.33	119.60
Cash Retained (M)	160.26	160.26	160.26
(-) Cash Required (M)	-318.93	-199.33	-119.60
(=) Excess Retained (M)	-158.68	-39.08	40.66
(/) Shares Outstanding (M)	464.71	464.71	464.71
(=) Excess Retained per Share	-0.34	-0.08	0.09
LTM Dividend per Share	3.09	3.09	3.09
(+) Excess Retained per Share	-0.34	-0.08	0.09
(=) Adjusted Dividend	2.75	3.00	3.17
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-13.12%	-12.12%	-11.12%
Fair Value	$12.25	$14.29	$16.15
Upside / Downside	-96.85%	-96.33%	-95.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,594.67	1,401.42	1,231.59	1,082.34	951.17	835.90	860.98
Payout Ratio	89.95%	89.96%	89.97%	89.98%	89.99%	90.00%	92.50%
Projected Dividends (M)	1,434.41	1,260.72	1,108.06	973.89	855.96	752.31	796.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	-13.12%	-12.12%	-11.12%
Year 1 PV (M)	1,171.96	1,185.45	1,198.94
Year 2 PV (M)	957.52	979.69	1,002.12
Year 3 PV (M)	782.33	809.65	837.61
Year 4 PV (M)	639.19	669.13	700.10
Year 5 PV (M)	522.23	552.99	585.17
PV of Terminal Value (M)	16,503.78	17,475.68	18,492.84
Equity Value (M)	20,577.00	21,672.59	22,816.78
Shares Outstanding (M)	464.71	464.71	464.71
Fair Value	$44.28	$46.64	$49.10
Upside / Downside	-88.62%	-88.01%	-87.38%

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Novozymes A/S (NSIS-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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