DDM Analysis: TROAX.ST

Valuation Snapshot

Stable Growth	$11.68 - $45.41	$19.79
Multi-Stage	$7.77 - $8.47	$8.12
Blended Fair Value	$13.95
Current Price	$12.82
Upside	8.84%
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	16.70%	0.00%	0.34	0.32	0.30	0.20	0.10	0.16	0.13	0.13	0.11	0.00
YoY Growth	-	-	6.13%	6.74%	50.00%	99.98%	-36.32%	16.26%	3.72%	19.08%	0.00%	0.00%
Dividend Yield	-	-	2.12%	1.53%	1.57%	0.85%	0.42%	1.87%	1.36%	1.71%	1.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.80
(-) Cash Dividends Paid (M)	20.35
(=) Cash Retained (M)	3.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.76	2.98	1.79
Cash Retained (M)	3.45	3.45	3.45
(-) Cash Required (M)	-4.76	-2.98	-1.79
(=) Excess Retained (M)	-1.31	0.48	1.67
(/) Shares Outstanding (M)	59.96	59.96	59.96
(=) Excess Retained per Share	-0.02	0.01	0.03
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	-0.02	0.01	0.03
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.68	$19.79	$45.41
Upside / Downside	-8.92%	54.36%	254.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.80	25.35	26.99	28.75	30.62	32.61	33.59
Payout Ratio	85.49%	86.39%	87.29%	88.20%	89.10%	90.00%	92.50%
Projected Dividends (M)	20.35	21.90	23.56	25.36	27.28	29.35	31.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.37%	8.37%	8.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	20.02	20.21	20.40
Year 2 PV (M)	19.69	20.07	20.44
Year 3 PV (M)	19.37	19.92	20.49
Year 4 PV (M)	19.05	19.78	20.53
Year 5 PV (M)	18.73	19.64	20.57
PV of Terminal Value (M)	369.30	387.14	405.66
Equity Value (M)	466.16	486.75	508.10
Shares Outstanding (M)	59.96	59.96	59.96
Fair Value	$7.77	$8.12	$8.47
Upside / Downside	-39.36%	-36.68%	-33.90%

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Troax Group AB (publ) (TROAX.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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