DDM Analysis: TRIAN-B.ST

Valuation Snapshot

Stable Growth	$13.51 - $19.29	$16.35
Multi-Stage	$35.43 - $39.20	$37.28
Blended Fair Value	$26.81
Current Price	$19.48
Upside	37.64%
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	-28.05%	-5.59%	0.04	0.30	0.61	0.36	0.00	0.22	0.18	0.11	0.10	0.08
YoY Growth	-	-	-86.15%	-50.55%	72.95%	9,671.43%	-98.33%	22.09%	63.03%	9.33%	20.63%	11.11%
Dividend Yield	-	-	0.22%	1.65%	3.49%	0.69%	0.01%	0.95%	1.01%	0.80%	0.78%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	396.40
(-) Cash Dividends Paid (M)	4.10
(=) Cash Retained (M)	392.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.28	49.55	29.73
Cash Retained (M)	392.30	392.30	392.30
(-) Cash Required (M)	-79.28	-49.55	-29.73
(=) Excess Retained (M)	313.02	342.75	362.57
(/) Shares Outstanding (M)	192.42	192.42	192.42
(=) Excess Retained per Share	1.63	1.78	1.88
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	1.63	1.78	1.88
(=) Adjusted Dividend	1.65	1.80	1.91
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-5.09%	-4.09%	-3.09%
Fair Value	$13.51	$16.35	$19.29
Upside / Downside	-30.62%	-16.07%	-0.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	396.40	380.18	364.62	349.70	335.39	321.66	331.31
Payout Ratio	1.03%	18.83%	36.62%	54.41%	72.21%	90.00%	92.50%
Projected Dividends (M)	4.10	71.58	133.53	190.28	242.17	289.50	306.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.48%	6.48%	6.48%
Growth Rate	-5.09%	-4.09%	-3.09%
Year 1 PV (M)	66.52	67.22	67.92
Year 2 PV (M)	115.32	117.77	120.23
Year 3 PV (M)	152.73	157.61	162.59
Year 4 PV (M)	180.64	188.38	196.36
Year 5 PV (M)	200.68	211.48	222.74
PV of Terminal Value (M)	6,101.89	6,430.20	6,772.50
Equity Value (M)	6,817.79	7,172.66	7,542.34
Shares Outstanding (M)	192.42	192.42	192.42
Fair Value	$35.43	$37.28	$39.20
Upside / Downside	81.89%	91.36%	101.22%

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Fastighets AB Trianon (publ) (TRIAN-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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