DDM Analysis: BERNER-B.ST

Valuation Snapshot

Stable Growth	$520.37 - $613.32	$574.66
Multi-Stage	$323.81 - $356.03	$339.61
Blended Fair Value	$457.14
Current Price	$70.80
Upside	545.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	0.00%	0.90	0.60	0.75	0.75	0.60	0.75	0.50	0.50	0.50	0.25
YoY Growth	-	-	49.99%	-20.00%	0.00%	25.00%	-20.00%	50.64%	-0.43%	0.00%	100.00%	0.00%
Dividend Yield	-	-	2.15%	1.76%	3.69%	3.13%	1.82%	4.35%	1.87%	2.62%	2.50%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.36
(-) Cash Dividends Paid (M)	17.85
(=) Cash Retained (M)	41.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.87	7.42	4.45
Cash Retained (M)	41.52	41.52	41.52
(-) Cash Required (M)	-11.87	-7.42	-4.45
(=) Excess Retained (M)	29.65	34.10	37.07
(/) Shares Outstanding (M)	18.86	18.86	18.86
(=) Excess Retained per Share	1.57	1.81	1.97
LTM Dividend per Share	0.95	0.95	0.95
(+) Excess Retained per Share	1.57	1.81	1.97
(=) Adjusted Dividend	2.52	2.75	2.91
WACC / Discount Rate	2.43%	2.43%	2.43%
Growth Rate	3.32%	4.32%	5.32%
Fair Value	$520.37	$574.66	$613.32
Upside / Downside	634.98%	711.66%	766.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.36	61.93	64.60	67.39	70.30	73.33	75.53
Payout Ratio	30.06%	42.05%	54.04%	66.02%	78.01%	90.00%	92.50%
Projected Dividends (M)	17.85	26.04	34.91	44.49	54.84	66.00	69.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.43%	2.43%	2.43%
Growth Rate	3.32%	4.32%	5.32%
Year 1 PV (M)	25.18	25.42	25.67
Year 2 PV (M)	32.64	33.27	33.91
Year 3 PV (M)	40.22	41.40	42.60
Year 4 PV (M)	47.93	49.82	51.76
Year 5 PV (M)	55.78	58.53	61.39
PV of Terminal Value (M)	5,904.81	6,196.15	6,498.89
Equity Value (M)	6,106.55	6,404.59	6,714.21
Shares Outstanding (M)	18.86	18.86	18.86
Fair Value	$323.81	$339.61	$356.03
Upside / Downside	357.36%	379.68%	402.87%

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Berner Industrier AB (BERNER-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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