DDM Analysis: GJF.OL

Valuation Snapshot

Stable Growth	$237.88 - $513.53	$339.86
Multi-Stage	$317.03 - $347.25	$331.85
Blended Fair Value	$335.86
Current Price	$255.40
Upside	31.50%
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	4.27%	-6.26%	8.54	8.06	7.52	13.47	11.96	6.93	6.93	6.76	6.17	5.76
YoY Growth	-	-	6.06%	7.15%	-44.20%	12.65%	72.54%	0.00%	2.60%	9.44%	7.19%	-64.67%
Dividend Yield	-	-	3.53%	5.15%	4.39%	6.16%	5.96%	3.89%	4.65%	4.62%	4.72%	4.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,559.90
(-) Cash Dividends Paid (M)	5,072.70
(=) Cash Retained (M)	1,487.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,311.98	819.99	491.99
Cash Retained (M)	1,487.20	1,487.20	1,487.20
(-) Cash Required (M)	-1,311.98	-819.99	-491.99
(=) Excess Retained (M)	175.22	667.21	995.21
(/) Shares Outstanding (M)	512.05	512.05	512.05
(=) Excess Retained per Share	0.34	1.30	1.94
LTM Dividend per Share	9.91	9.91	9.91
(+) Excess Retained per Share	0.34	1.30	1.94
(=) Adjusted Dividend	10.25	11.21	11.85
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.27%	3.27%	4.27%
Fair Value	$237.88	$339.86	$513.53
Upside / Downside	-6.86%	33.07%	101.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,559.90	6,774.20	6,995.51	7,224.05	7,460.05	7,703.76	7,934.87
Payout Ratio	77.33%	79.86%	82.40%	84.93%	87.47%	90.00%	92.50%
Projected Dividends (M)	5,072.70	5,410.09	5,764.12	6,135.50	6,524.99	6,933.38	7,339.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	2.27%	3.27%	4.27%
Year 1 PV (M)	5,022.55	5,071.66	5,120.77
Year 2 PV (M)	4,967.89	5,065.52	5,164.10
Year 3 PV (M)	4,909.17	5,054.60	5,202.86
Year 4 PV (M)	4,846.83	5,039.21	5,237.25
Year 5 PV (M)	4,781.27	5,019.65	5,267.44
PV of Terminal Value (M)	137,804.18	144,674.72	151,816.60
Equity Value (M)	162,331.90	169,925.35	177,809.03
Shares Outstanding (M)	512.05	512.05	512.05
Fair Value	$317.03	$331.85	$347.25
Upside / Downside	24.13%	29.94%	35.96%

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Gjensidige Forsikring ASA (GJF.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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