DDM Analysis: FLUG-B.CO

Valuation Snapshot

Stable Growth	$245.49 - $423.71	$322.21
Multi-Stage	$447.26 - $491.42	$468.91
Blended Fair Value	$395.56
Current Price	$316.00
Upside	25.18%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-5.29%	-5.17%	7.34	5.00	9.98	14.72	9.64	9.63	14.44	14.41	14.39	14.39
YoY Growth	-	-	46.84%	-49.94%	-32.19%	52.68%	0.15%	-33.32%	0.21%	0.10%	0.00%	15.38%
Dividend Yield	-	-	2.32%	1.47%	2.94%	2.97%	1.29%	2.60%	4.78%	3.79%	3.83%	3.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	58.00
(-) Cash Dividends Paid (M)	27.00
(=) Cash Retained (M)	31.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.60	7.25	4.35
Cash Retained (M)	31.00	31.00	31.00
(-) Cash Required (M)	-11.60	-7.25	-4.35
(=) Excess Retained (M)	19.40	23.75	26.65
(/) Shares Outstanding (M)	3.00	3.00	3.00
(=) Excess Retained per Share	6.47	7.92	8.89
LTM Dividend per Share	9.00	9.00	9.00
(+) Excess Retained per Share	6.47	7.92	8.89
(=) Adjusted Dividend	15.47	16.93	17.89
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.17%	1.17%	2.17%
Fair Value	$245.49	$322.21	$423.71
Upside / Downside	-22.31%	1.96%	34.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	58.00	58.68	59.37	60.06	60.77	61.48	63.32
Payout Ratio	46.55%	55.24%	63.93%	72.62%	81.31%	90.00%	92.50%
Projected Dividends (M)	27.00	32.42	37.95	43.62	49.41	55.33	58.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.17%	1.17%	2.17%
Year 1 PV (M)	30.14	30.44	30.74
Year 2 PV (M)	32.81	33.47	34.14
Year 3 PV (M)	35.06	36.12	37.20
Year 4 PV (M)	36.93	38.43	39.97
Year 5 PV (M)	38.45	40.41	42.45
PV of Terminal Value (M)	1,167.69	1,227.15	1,289.00
Equity Value (M)	1,341.09	1,406.02	1,473.50
Shares Outstanding (M)	3.00	3.00	3.00
Fair Value	$447.26	$468.91	$491.42
Upside / Downside	41.54%	48.39%	55.51%

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Flügger group A/S (FLUG-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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