DDM Analysis: 0A0H.IL

Valuation Snapshot

Stable Growth	$112.80 - $297.11	$172.11
Multi-Stage	$77.76 - $84.93	$81.28
Blended Fair Value	$126.69
Current Price	$146.65
Upside	-13.61%
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	13.02%	13.27%	1.38	0.94	0.83	0.75	0.44	0.75	0.48	0.46	0.44	0.42
YoY Growth	-	-	46.75%	13.84%	10.28%	71.58%	-41.67%	55.74%	4.55%	4.76%	5.00%	5.26%
Dividend Yield	-	-	0.98%	0.60%	0.46%	0.48%	0.37%	1.37%	1.00%	1.31%	1.86%	1.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,450.00
(-) Cash Dividends Paid (M)	700.00
(=) Cash Retained (M)	1,750.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	490.00	306.25	183.75
Cash Retained (M)	1,750.00	1,750.00	1,750.00
(-) Cash Required (M)	-490.00	-306.25	-183.75
(=) Excess Retained (M)	1,260.00	1,443.75	1,566.25
(/) Shares Outstanding (M)	506.58	506.58	506.58
(=) Excess Retained per Share	2.49	2.85	3.09
LTM Dividend per Share	1.38	1.38	1.38
(+) Excess Retained per Share	2.49	2.85	3.09
(=) Adjusted Dividend	3.87	4.23	4.47
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$112.80	$172.11	$297.11
Upside / Downside	-23.08%	17.36%	102.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,450.00	2,609.25	2,778.85	2,959.48	3,151.84	3,356.71	3,457.41
Payout Ratio	28.57%	40.86%	53.14%	65.43%	77.71%	90.00%	92.50%
Projected Dividends (M)	700.00	1,066.07	1,476.76	1,936.34	2,449.43	3,021.04	3,198.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.12%	9.12%	9.12%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	967.80	976.98	986.15
Year 2 PV (M)	1,217.08	1,240.26	1,263.66
Year 3 PV (M)	1,448.75	1,490.34	1,532.72
Year 4 PV (M)	1,663.72	1,727.71	1,793.52
Year 5 PV (M)	1,862.84	1,952.82	2,046.24
PV of Terminal Value (M)	32,229.81	33,786.52	35,402.81
Equity Value (M)	39,390.01	41,174.62	43,025.09
Shares Outstanding (M)	506.58	506.58	506.58
Fair Value	$77.76	$81.28	$84.93
Upside / Downside	-46.98%	-44.58%	-42.08%

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Beijer Ref AB (publ) (0A0H.IL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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