DDM Analysis: HAKI-B.ST

Valuation Snapshot

Stable Growth	$23.48 - $46.20	$32.44
Multi-Stage	$35.02 - $38.40	$36.68
Blended Fair Value	$34.56
Current Price	$21.10
Upside	63.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.95%	0.00%	0.90	0.79	0.76	0.00	0.00	0.49	0.00	0.00	0.00	0.00
YoY Growth	-	-	13.64%	4.76%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.69%	2.88%	4.05%	0.00%	0.00%	2.62%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.00
(-) Cash Dividends Paid (M)	26.00
(=) Cash Retained (M)	14.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.00	5.00	3.00
Cash Retained (M)	14.00	14.00	14.00
(-) Cash Required (M)	-8.00	-5.00	-3.00
(=) Excess Retained (M)	6.00	9.00	11.00
(/) Shares Outstanding (M)	27.74	27.74	27.74
(=) Excess Retained per Share	0.22	0.32	0.40
LTM Dividend per Share	0.94	0.94	0.94
(+) Excess Retained per Share	0.22	0.32	0.40
(=) Adjusted Dividend	1.15	1.26	1.33
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	1.61%	2.61%	3.61%
Fair Value	$23.48	$32.44	$46.20
Upside / Downside	11.29%	53.73%	118.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.00	41.04	42.11	43.21	44.34	45.49	46.86
Payout Ratio	65.00%	70.00%	75.00%	80.00%	85.00%	90.00%	92.50%
Projected Dividends (M)	26.00	28.73	31.58	34.57	37.69	40.94	43.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	1.61%	2.61%	3.61%
Year 1 PV (M)	26.69	26.95	27.21
Year 2 PV (M)	27.26	27.80	28.34
Year 3 PV (M)	27.71	28.54	29.38
Year 4 PV (M)	28.07	29.19	30.34
Year 5 PV (M)	28.33	29.75	31.23
PV of Terminal Value (M)	833.57	875.41	918.91
Equity Value (M)	971.62	1,017.63	1,065.41
Shares Outstanding (M)	27.74	27.74	27.74
Fair Value	$35.02	$36.68	$38.40
Upside / Downside	65.97%	73.83%	81.99%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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HAKI Safety AB (publ) (HAKI-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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