DDM Analysis: TREL-B.ST

Valuation Snapshot

Stable Growth	$339.34 - $824.57	$504.71
Multi-Stage	$410.61 - $450.23	$430.05
Blended Fair Value	$467.38
Current Price	$350.50
Upside	33.35%
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	4.65%	6.26%	7.03	6.62	6.44	5.89	0.00	5.60	5.30	5.01	4.71	4.42
YoY Growth	-	-	6.10%	2.90%	9.30%	0.00%	-100.00%	5.57%	5.90%	6.27%	6.59%	15.44%
Dividend Yield	-	-	1.89%	1.74%	2.18%	2.69%	0.00%	5.21%	3.58%	2.39%	2.46%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,693.00
(-) Cash Dividends Paid (M)	1,719.00
(=) Cash Retained (M)	1,974.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	738.60	461.63	276.98
Cash Retained (M)	1,974.00	1,974.00	1,974.00
(-) Cash Required (M)	-738.60	-461.63	-276.98
(=) Excess Retained (M)	1,235.40	1,512.38	1,697.03
(/) Shares Outstanding (M)	230.09	230.09	230.09
(=) Excess Retained per Share	5.37	6.57	7.38
LTM Dividend per Share	7.47	7.47	7.47
(+) Excess Retained per Share	5.37	6.57	7.38
(=) Adjusted Dividend	12.84	14.04	14.85
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.65%	3.65%	4.65%
Fair Value	$339.34	$504.71	$824.57
Upside / Downside	-3.18%	44.00%	135.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,693.00	3,827.97	3,967.87	4,112.89	4,263.20	4,419.01	4,551.58
Payout Ratio	46.55%	55.24%	63.93%	72.62%	81.31%	90.00%	92.50%
Projected Dividends (M)	1,719.00	2,114.49	2,536.60	2,986.74	3,466.39	3,977.11	4,210.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	2.65%	3.65%	4.65%
Year 1 PV (M)	1,965.57	1,984.71	2,003.86
Year 2 PV (M)	2,191.87	2,234.78	2,278.11
Year 3 PV (M)	2,399.05	2,469.85	2,542.02
Year 4 PV (M)	2,588.22	2,690.55	2,795.89
Year 5 PV (M)	2,760.40	2,897.50	3,039.99
PV of Terminal Value (M)	82,569.46	86,670.29	90,932.45
Equity Value (M)	94,474.56	98,947.67	103,592.32
Shares Outstanding (M)	230.09	230.09	230.09
Fair Value	$410.61	$430.05	$450.23
Upside / Downside	17.15%	22.70%	28.45%

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Trelleborg AB (publ) (TREL-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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