DDM Analysis: NKT.CO

Valuation Snapshot

Stable Growth	$60.31 - $110.01	$80.92
Multi-Stage	$52.40 - $57.33	$54.82
Blended Fair Value	$67.87
Current Price	$68.64
Upside	-1.12%
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	6.31%	-0.18%	0.20	0.17	0.13	0.15	0.15	0.15	0.00	0.00	0.24	0.24
YoY Growth	-	-	20.88%	22.97%	-8.64%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.77%	16.07%
Dividend Yield	-	-	0.32%	0.22%	0.28%	0.36%	0.40%	1.03%	0.00%	0.00%	0.70%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	224.00
(-) Cash Dividends Paid (M)	11.00
(=) Cash Retained (M)	213.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.80	28.00	16.80
Cash Retained (M)	213.00	213.00	213.00
(-) Cash Required (M)	-44.80	-28.00	-16.80
(=) Excess Retained (M)	168.20	185.00	196.20
(/) Shares Outstanding (M)	54.85	54.85	54.85
(=) Excess Retained per Share	3.07	3.37	3.58
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	3.07	3.37	3.58
(=) Adjusted Dividend	3.27	3.57	3.78
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$60.31	$80.92	$110.01
Upside / Downside	-12.13%	17.89%	60.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	224.00	235.90	248.43	261.63	275.52	290.16	298.86
Payout Ratio	4.91%	21.93%	38.95%	55.96%	72.98%	90.00%	92.50%
Projected Dividends (M)	11.00	51.73	96.75	146.42	201.08	261.14	276.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	46.60	47.04	47.49
Year 2 PV (M)	78.50	80.02	81.54
Year 3 PV (M)	107.01	110.12	113.28
Year 4 PV (M)	132.38	137.53	142.83
Year 5 PV (M)	154.86	162.42	170.28
PV of Terminal Value (M)	2,354.51	2,469.55	2,589.05
Equity Value (M)	2,873.85	3,006.68	3,144.48
Shares Outstanding (M)	54.85	54.85	54.85
Fair Value	$52.40	$54.82	$57.33
Upside / Downside	-23.66%	-20.13%	-16.47%

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NKT A/S (NKT.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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