DDM Analysis: NHY.OL

Valuation Snapshot

Stable Growth	$444.64 - $962.32	$901.84
Multi-Stage	$146.20 - $159.99	$152.97
Blended Fair Value	$527.40
Current Price	$57.54
Upside	816.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.62%	9.95%	2.53	5.80	7.15	1.42	1.33	1.34	1.83	1.55	1.19	1.20
YoY Growth	-	-	-56.40%	-18.89%	402.45%	7.38%	-0.79%	-26.86%	18.02%	29.93%	-0.34%	21.98%
Dividend Yield	-	-	4.19%	9.25%	9.19%	1.65%	2.42%	5.91%	5.07%	3.31%	2.39%	3.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,593.00
(-) Cash Dividends Paid (M)	4,445.00
(=) Cash Retained (M)	5,148.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,918.60	1,199.13	719.48
Cash Retained (M)	5,148.00	5,148.00	5,148.00
(-) Cash Required (M)	-1,918.60	-1,199.13	-719.48
(=) Excess Retained (M)	3,229.40	3,948.88	4,428.53
(/) Shares Outstanding (M)	1,982.50	1,982.50	1,982.50
(=) Excess Retained per Share	1.63	1.99	2.23
LTM Dividend per Share	2.24	2.24	2.24
(+) Excess Retained per Share	1.63	1.99	2.23
(=) Adjusted Dividend	3.87	4.23	4.48
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$444.64	$901.84	$962.32
Upside / Downside	672.75%	1,467.32%	1,572.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,593.00	10,216.55	10,880.62	11,587.86	12,341.07	13,143.24	13,537.54
Payout Ratio	46.34%	55.07%	63.80%	72.53%	81.27%	90.00%	92.50%
Projected Dividends (M)	4,445.00	5,626.12	6,942.00	8,405.18	10,029.24	11,828.92	12,522.22

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)	5,237.14	5,286.79	5,336.43
Year 2 PV (M)	6,015.28	6,129.86	6,245.51
Year 3 PV (M)	6,779.60	6,974.22	7,172.53
Year 4 PV (M)	7,530.28	7,819.87	8,117.74
Year 5 PV (M)	8,267.49	8,666.81	9,081.42
PV of Terminal Value (M)	256,020.95	268,386.85	281,226.03
Equity Value (M)	289,850.75	303,264.40	317,179.66
Shares Outstanding (M)	1,982.50	1,982.50	1,982.50
Fair Value	$146.20	$152.97	$159.99
Upside / Downside	154.09%	165.85%	178.05%

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Norsk Hydro ASA (NHY.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener