DDM Analysis: INDU-A.ST

Valuation Snapshot

Stable Growth	$498.71 - $952.82	$681.26
Multi-Stage	$661.37 - $725.80	$692.97
Blended Fair Value	$687.11
Current Price	$373.20
Upside	84.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.99%	3.90%	7.75	7.25	6.75	8.31	0.00	5.79	5.54	5.29	5.01	6.26
YoY Growth	-	-	6.90%	7.41%	-18.80%	0.00%	-100.00%	4.51%	4.77%	5.69%	-19.99%	18.40%
Dividend Yield	-	-	2.11%	1.98%	2.41%	3.09%	0.00%	2.99%	2.74%	2.61%	2.42%	4.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,796.00
(-) Cash Dividends Paid (M)	3,563.00
(=) Cash Retained (M)	10,233.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,759.20	1,724.50	1,034.70
Cash Retained (M)	10,233.00	10,233.00	10,233.00
(-) Cash Required (M)	-2,759.20	-1,724.50	-1,034.70
(=) Excess Retained (M)	7,473.80	8,508.50	9,198.30
(/) Shares Outstanding (M)	431.80	431.80	431.80
(=) Excess Retained per Share	17.31	19.70	21.30
LTM Dividend per Share	8.25	8.25	8.25
(+) Excess Retained per Share	17.31	19.70	21.30
(=) Adjusted Dividend	25.56	27.96	29.55
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	1.90%	2.90%	3.90%
Fair Value	$498.71	$681.26	$952.82
Upside / Downside	33.63%	82.54%	155.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,796.00	14,196.69	14,609.02	15,033.33	15,469.96	15,919.27	16,396.85
Payout Ratio	25.83%	38.66%	51.50%	64.33%	77.17%	90.00%	92.50%
Projected Dividends (M)	3,563.00	5,488.59	7,523.03	9,671.02	11,937.44	14,327.35	15,167.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	1.90%	2.90%	3.90%
Year 1 PV (M)	5,073.65	5,123.43	5,173.22
Year 2 PV (M)	6,428.52	6,555.31	6,683.34
Year 3 PV (M)	7,639.23	7,866.34	8,097.91
Year 4 PV (M)	8,716.61	9,063.83	9,421.32
Year 5 PV (M)	9,670.78	10,154.69	10,657.78
PV of Terminal Value (M)	248,050.74	260,462.72	273,366.65
Equity Value (M)	285,579.54	299,226.32	313,400.21
Shares Outstanding (M)	431.80	431.80	431.80
Fair Value	$661.37	$692.97	$725.80
Upside / Downside	77.22%	85.68%	94.48%

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8984.T	Daiwa House REIT Investment Corporation	6.04%	$8,653.99	81.69%
0R40.L	Rai Way S.p.A.	6.03%	$0.33	99.60%
3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
003460.KS	Yuhwa Securities co.,ltd.	6.02%	$162.45	83.00%
298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
WLMM3.SA	WLM Participações e Comércio de Máquinas e Veículos S.A.	6.02%	$1.23	40.06%
1760.HK	Intron Technology Holdings Limited	6.01%	$0.12	30.56%
5209.KL	Gas Malaysia Berhad	6.01%	$0.26	82.61%
ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
ASII.JK	PT Astra International Tbk	5.97%	$405.75	50.28%
PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
1562.KL	Sports Toto Berhad	5.96%	$0.08	49.23%
8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
NTV.BK	Nonthavej Hospital Public Company Limited	5.96%	$1.37	66.11%
WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
094280.KS	Hyosung ITX Co. Ltd.	5.95%	$751.76	70.97%
O3P.DE	Österreichische Post AG	5.95%	$1.88	98.14%
PWO.DE	PWO AG	5.95%	$1.75	48.89%
0898.HK	Multifield International Holdings Limited	5.94%	$0.06	9.32%
1155.KL	Malayan Banking Berhad	5.94%	$0.62	72.18%
PORT3.SA	Wilson Sons S.A.	5.94%	$1.11	73.49%
009680.KS	Motonic Corporation	5.93%	$599.08	42.49%
3010.SR	Arabian Cement Company	5.93%	$1.29	91.83%
PGW.NZ	PGG Wrightson Limited	5.93%	$0.13	70.38%
0GX2.L	Neurones S.A.	5.92%	$2.49	61.25%
4012.SR	Thob Al Aseel Company	5.92%	$0.20	89.05%
9585.SR	Mulkia Investment Co.	5.92%	$2.01	37.97%
HEN.DE	Henkel AG & Co. KGaA	5.92%	$3.87	41.88%
KKP.BK	Kiatnakin Phatra Bank Public Company Limited	5.92%	$4.02	63.80%
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0RCW.L	Kid ASA	5.91%	$8.00	99.60%
ARSA.ME	Arsagera Asset Management	5.91%	$0.50	52.65%
DBM.TO	Doman Building Materials Group Ltd.	5.91%	$0.56	65.99%
DU.AE	Emirates Integrated Telecommunications Company PJSC	5.91%	$0.58	95.05%
NXR-UN.TO	Nexus Industrial REIT	5.91%	$0.47	57.77%

Financial Statements

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AB Industrivärden (publ) (INDU-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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