DDM Analysis: AVT-B.ST

Valuation Snapshot

Stable Growth	$5.23 - $10.39	$7.25
Multi-Stage	$4.00 - $4.36	$4.17
Blended Fair Value	$5.71
Current Price	$10.90
Upside	-47.59%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-88.22%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17.20
(-) Cash Dividends Paid (M)	5.60
(=) Cash Retained (M)	11.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.44	2.15	1.29
Cash Retained (M)	11.60	11.60	11.60
(-) Cash Required (M)	-3.44	-2.15	-1.29
(=) Excess Retained (M)	8.16	9.45	10.31
(/) Shares Outstanding (M)	56.48	56.48	56.48
(=) Excess Retained per Share	0.14	0.17	0.18
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.14	0.17	0.18
(=) Adjusted Dividend	0.24	0.27	0.28
WACC / Discount Rate	10.41%	10.41%	10.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.23	$7.25	$10.39
Upside / Downside	-52.01%	-33.47%	-4.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17.20	18.32	19.51	20.78	22.13	23.57	24.27
Payout Ratio	32.56%	44.05%	55.53%	67.02%	78.51%	90.00%	92.50%
Projected Dividends (M)	5.60	8.07	10.83	13.93	17.37	21.21	22.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.41%	10.41%	10.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.24	7.31	7.38
Year 2 PV (M)	8.72	8.89	9.05
Year 3 PV (M)	10.06	10.35	10.64
Year 4 PV (M)	11.26	11.69	12.13
Year 5 PV (M)	12.33	12.92	13.54
PV of Terminal Value (M)	176.05	184.56	193.39
Equity Value (M)	225.65	235.71	246.13
Shares Outstanding (M)	56.48	56.48	56.48
Fair Value	$4.00	$4.17	$4.36
Upside / Downside	-63.35%	-61.71%	-60.02%

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AVTECH Sweden AB (publ) (AVT-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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