DDM Analysis: ARJO-B.ST

Valuation Snapshot

Stable Growth	$29.77 - $64.19	$42.51
Multi-Stage	$40.95 - $44.91	$42.89
Blended Fair Value	$42.70
Current Price	$32.96
Upside	29.56%
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	10.31%	0.00%	0.90	0.85	1.15	0.85	0.65	0.55	0.50	0.00	0.00	0.00
YoY Growth	-	-	5.60%	-25.88%	34.91%	31.07%	18.00%	10.29%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.43%	1.68%	2.84%	1.07%	1.00%	1.11%	1.46%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	438.00
(-) Cash Dividends Paid (M)	259.00
(=) Cash Retained (M)	179.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.60	54.75	32.85
Cash Retained (M)	179.00	179.00	179.00
(-) Cash Required (M)	-87.60	-54.75	-32.85
(=) Excess Retained (M)	91.40	124.25	146.15
(/) Shares Outstanding (M)	272.37	272.37	272.37
(=) Excess Retained per Share	0.34	0.46	0.54
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	0.34	0.46	0.54
(=) Adjusted Dividend	1.29	1.41	1.49
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.08%	3.08%	4.08%
Fair Value	$29.77	$42.51	$64.19
Upside / Downside	-9.69%	28.98%	94.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	438.00	451.50	465.42	479.77	494.56	509.81	525.10
Payout Ratio	59.13%	65.31%	71.48%	77.65%	83.83%	90.00%	92.50%
Projected Dividends (M)	259.00	294.86	332.68	372.56	414.57	458.83	485.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	2.08%	3.08%	4.08%
Year 1 PV (M)	274.19	276.88	279.56
Year 2 PV (M)	287.68	293.34	299.06
Year 3 PV (M)	299.57	308.46	317.53
Year 4 PV (M)	309.99	322.32	335.01
Year 5 PV (M)	319.03	334.97	351.54
PV of Terminal Value (M)	9,663.85	10,146.55	10,648.34
Equity Value (M)	11,154.32	11,682.52	12,231.04
Shares Outstanding (M)	272.37	272.37	272.37
Fair Value	$40.95	$42.89	$44.91
Upside / Downside	24.25%	30.13%	36.24%

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Arjo AB (publ) (ARJO-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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