DDM Analysis: GRNG.ST

Valuation Snapshot

Stable Growth	$816.83 - $1,767.91	$1,656.79
Multi-Stage	$266.57 - $291.82	$278.97
Blended Fair Value	$967.88
Current Price	$116.80
Upside	728.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.68%	-14.48%	3.00	2.50	2.25	1.10	0.00	2.27	2.13	1.69	1.40	1.05
YoY Growth	-	-	19.92%	11.30%	104.27%	0.00%	-100.00%	6.61%	26.11%	20.81%	33.04%	-92.65%
Dividend Yield	-	-	2.63%	2.13%	2.27%	1.19%	0.00%	5.21%	2.43%	1.95%	1.93%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	946.00
(-) Cash Dividends Paid (M)	329.00
(=) Cash Retained (M)	617.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.20	118.25	70.95
Cash Retained (M)	617.00	617.00	617.00
(-) Cash Required (M)	-189.20	-118.25	-70.95
(=) Excess Retained (M)	427.80	498.75	546.05
(/) Shares Outstanding (M)	106.42	106.42	106.42
(=) Excess Retained per Share	4.02	4.69	5.13
LTM Dividend per Share	3.09	3.09	3.09
(+) Excess Retained per Share	4.02	4.69	5.13
(=) Adjusted Dividend	7.11	7.78	8.22
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$816.83	$1,656.79	$1,767.91
Upside / Downside	599.34%	1,318.48%	1,413.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	946.00	1,007.49	1,072.98	1,142.72	1,217.00	1,296.10	1,334.99
Payout Ratio	34.78%	45.82%	56.87%	67.91%	78.96%	90.00%	92.50%
Projected Dividends (M)	329.00	461.66	610.17	776.04	960.89	1,166.49	1,234.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	429.74	433.81	437.89
Year 2 PV (M)	528.71	538.78	548.95
Year 3 PV (M)	625.95	643.92	662.23
Year 4 PV (M)	721.46	749.21	777.75
Year 5 PV (M)	815.29	854.66	895.55
PV of Terminal Value (M)	25,246.88	26,466.31	27,732.41
Equity Value (M)	28,368.03	29,686.70	31,054.77
Shares Outstanding (M)	106.42	106.42	106.42
Fair Value	$266.57	$278.97	$291.82
Upside / Downside	128.23%	138.84%	149.85%

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Gränges AB (publ) (GRNG.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener