DDM Analysis: COIC.ST

Valuation Snapshot

Stable Growth	$286.50 - $1,495.19	$576.89
Multi-Stage	$211.30 - $231.32	$221.12
Blended Fair Value	$399.01
Current Price	$180.20
Upside	121.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.53%	3.29%	4.05	3.79	3.55	3.28	4.37	3.95	3.79	3.57	3.39	3.23
YoY Growth	-	-	7.04%	6.77%	8.13%	-25.00%	10.81%	4.23%	5.97%	5.51%	4.96%	10.00%
Dividend Yield	-	-	2.11%	1.79%	1.73%	1.90%	4.51%	2.57%	2.58%	2.60%	3.68%	2.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	285.00
(-) Cash Dividends Paid (M)	158.00
(=) Cash Retained (M)	127.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.00	35.63	21.38
Cash Retained (M)	127.00	127.00	127.00
(-) Cash Required (M)	-57.00	-35.63	-21.38
(=) Excess Retained (M)	70.00	91.38	105.63
(/) Shares Outstanding (M)	37.49	37.49	37.49
(=) Excess Retained per Share	1.87	2.44	2.82
LTM Dividend per Share	4.21	4.21	4.21
(+) Excess Retained per Share	1.87	2.44	2.82
(=) Adjusted Dividend	6.08	6.65	7.03
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.33%	5.33%	6.33%
Fair Value	$286.50	$576.89	$1,495.19
Upside / Downside	58.99%	220.14%	729.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	285.00	300.18	316.16	333.00	350.73	369.41	380.49
Payout Ratio	55.44%	62.35%	69.26%	76.18%	83.09%	90.00%	92.50%
Projected Dividends (M)	158.00	187.16	218.98	253.66	291.42	332.47	351.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	4.33%	5.33%	6.33%
Year 1 PV (M)	174.01	175.67	177.34
Year 2 PV (M)	189.28	192.93	196.61
Year 3 PV (M)	203.84	209.76	215.79
Year 4 PV (M)	217.72	226.19	234.90
Year 5 PV (M)	230.93	242.21	253.93
PV of Terminal Value (M)	6,906.56	7,243.97	7,594.45
Equity Value (M)	7,922.33	8,290.73	8,673.02
Shares Outstanding (M)	37.49	37.49	37.49
Fair Value	$211.30	$221.12	$231.32
Upside / Downside	17.26%	22.71%	28.37%

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Concentric AB (publ) (COIC.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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