DDM Analysis: CEVI.ST

Valuation Snapshot

Stable Growth	$249.86 - $1,262.42	$516.97
Multi-Stage	$138.49 - $151.39	$144.82
Blended Fair Value	$330.90
Current Price	$172.60
Upside	91.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.45%	16.23%	2.25	2.25	2.00	0.75	0.00	1.50	1.50	1.50	1.50	1.00
YoY Growth	-	-	0.00%	12.50%	166.66%	0.00%	-100.00%	0.00%	0.00%	0.00%	50.00%	100.00%
Dividend Yield	-	-	1.35%	0.95%	1.08%	0.24%	0.00%	0.61%	0.54%	1.09%	1.22%	2.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	151.41
(-) Cash Dividends Paid (M)	59.63
(=) Cash Retained (M)	91.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.28	18.93	11.36
Cash Retained (M)	91.78	91.78	91.78
(-) Cash Required (M)	-30.28	-18.93	-11.36
(=) Excess Retained (M)	61.50	72.85	80.42
(/) Shares Outstanding (M)	23.85	23.85	23.85
(=) Excess Retained per Share	2.58	3.05	3.37
LTM Dividend per Share	2.50	2.50	2.50
(+) Excess Retained per Share	2.58	3.05	3.37
(=) Adjusted Dividend	5.08	5.55	5.87
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$249.86	$516.97	$1,262.42
Upside / Downside	44.76%	199.52%	631.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	151.41	161.25	171.73	182.89	194.78	207.44	213.66
Payout Ratio	39.38%	49.51%	59.63%	69.75%	79.88%	90.00%	92.50%
Projected Dividends (M)	59.63	79.83	102.40	127.57	155.58	186.69	197.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	73.46	74.16	74.86
Year 2 PV (M)	86.72	88.37	90.04
Year 3 PV (M)	99.42	102.28	105.19
Year 4 PV (M)	111.59	115.88	120.29
Year 5 PV (M)	123.22	129.17	135.35
PV of Terminal Value (M)	2,808.75	2,944.41	3,085.27
Equity Value (M)	3,303.17	3,454.28	3,611.00
Shares Outstanding (M)	23.85	23.85	23.85
Fair Value	$138.49	$144.82	$151.39
Upside / Downside	-19.76%	-16.09%	-12.29%

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CellaVision AB (publ) (CEVI.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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