DDM Analysis: VVL.OL

Valuation Snapshot

Stable Growth	$2,075.85 - $7,490.90	$6,604.73
Multi-Stage	$956.47 - $1,046.08	$1,000.46
Blended Fair Value	$3,802.59
Current Price	$378.00
Upside	905.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.96%	0.00%	13.54	10.05	9.61	9.85	0.00	6.19	2.89	3.92	2.89	0.00
YoY Growth	-	-	34.82%	4.48%	-2.43%	0.00%	-100.00%	114.29%	-26.32%	35.71%	0.00%	0.00%
Dividend Yield	-	-	3.76%	3.83%	4.22%	3.65%	0.00%	4.55%	1.94%	3.09%	2.37%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	86.77
(-) Cash Dividends Paid (M)	37.58
(=) Cash Retained (M)	49.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.35	10.85	6.51
Cash Retained (M)	49.19	49.19	49.19
(-) Cash Required (M)	-17.35	-10.85	-6.51
(=) Excess Retained (M)	31.83	38.34	42.68
(/) Shares Outstanding (M)	2.30	2.30	2.30
(=) Excess Retained per Share	13.82	16.64	18.53
LTM Dividend per Share	16.31	16.31	16.31
(+) Excess Retained per Share	13.82	16.64	18.53
(=) Adjusted Dividend	30.13	32.96	34.84
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,075.85	$6,604.73	$7,490.90
Upside / Downside	449.17%	1,647.28%	1,881.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	86.77	92.40	98.41	104.81	111.62	118.88	122.44
Payout Ratio	43.31%	52.65%	61.99%	71.32%	80.66%	90.00%	92.50%
Projected Dividends (M)	37.58	48.65	61.00	74.75	90.04	106.99	113.26

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.03	45.45	45.88
Year 2 PV (M)	52.26	53.25	54.26
Year 3 PV (M)	59.27	60.97	62.70
Year 4 PV (M)	66.07	68.61	71.22
Year 5 PV (M)	72.66	76.17	79.81
PV of Terminal Value (M)	1,907.96	2,000.11	2,095.79
Equity Value (M)	2,203.23	2,304.56	2,409.66
Shares Outstanding (M)	2.30	2.30	2.30
Fair Value	$956.47	$1,000.46	$1,046.08
Upside / Downside	153.03%	164.67%	176.74%

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Voss Veksel- og Landmandsbank ASA (VVL.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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