DDM Analysis: NSIS-B.CO

Valuation Snapshot

Stable Growth	$10.34 - $13.40	$11.96
Multi-Stage	$22.56 - $24.80	$23.66
Blended Fair Value	$17.81
Current Price	$389.10
Upside	-95.42%
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	-29.54%	-10.84%	0.54	6.08	3.28	3.15	3.19	3.09	2.83	2.57	2.28	1.99
YoY Growth	-	-	-91.16%	85.37%	4.03%	-1.21%	3.13%	9.27%	10.40%	12.35%	14.70%	17.53%
Dividend Yield	-	-	0.13%	1.54%	0.93%	0.68%	0.79%	1.00%	0.91%	0.82%	0.83%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,594.67
(-) Cash Dividends Paid (M)	1,434.41
(=) Cash Retained (M)	160.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	318.93	199.33	119.60
Cash Retained (M)	160.26	160.26	160.26
(-) Cash Required (M)	-318.93	-199.33	-119.60
(=) Excess Retained (M)	-158.68	-39.08	40.66
(/) Shares Outstanding (M)	464.71	464.71	464.71
(=) Excess Retained per Share	-0.34	-0.08	0.09
LTM Dividend per Share	3.09	3.09	3.09
(+) Excess Retained per Share	-0.34	-0.08	0.09
(=) Adjusted Dividend	2.75	3.00	3.17
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-13.12%	-12.12%	-11.12%
Fair Value	$10.34	$11.96	$13.40
Upside / Downside	-97.34%	-96.93%	-96.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,594.67	1,401.42	1,231.59	1,082.34	951.17	835.90	860.98
Payout Ratio	89.95%	89.96%	89.97%	89.98%	89.99%	90.00%	92.50%
Projected Dividends (M)	1,434.41	1,260.72	1,108.06	973.89	855.96	752.31	796.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-13.12%	-12.12%	-11.12%
Year 1 PV (M)	1,133.67	1,146.72	1,159.76
Year 2 PV (M)	895.98	916.72	937.71
Year 3 PV (M)	708.13	732.86	758.16
Year 4 PV (M)	559.66	585.87	613.00
Year 5 PV (M)	442.32	468.37	495.63
PV of Terminal Value (M)	6,745.35	7,142.58	7,558.31
Equity Value (M)	10,485.10	10,993.12	11,522.57
Shares Outstanding (M)	464.71	464.71	464.71
Fair Value	$22.56	$23.66	$24.80
Upside / Downside	-94.20%	-93.92%	-93.63%

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Novozymes A/S (NSIS-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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