DDM Analysis: 0RL4.L

Valuation Snapshot

Stable Growth	$14.70 - $21.65	$18.04
Multi-Stage	$34.46 - $37.96	$36.18
Blended Fair Value	$27.11
Current Price	$31.15
Upside	-12.98%
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	-5.11%	0.00%	0.91	1.20	1.00	0.91	0.00	1.18	0.95	0.74	0.55	0.18
YoY Growth	-	-	-24.53%	20.45%	10.00%	0.00%	-100.00%	23.81%	29.23%	32.65%	206.25%	0.00%
Dividend Yield	-	-	2.89%	3.93%	2.85%	1.96%	0.00%	6.92%	3.67%	3.49%	2.93%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	169.00
(-) Cash Dividends Paid (M)	80.00
(=) Cash Retained (M)	89.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.80	21.13	12.68
Cash Retained (M)	89.00	89.00	89.00
(-) Cash Required (M)	-33.80	-21.13	-12.68
(=) Excess Retained (M)	55.20	67.88	76.33
(/) Shares Outstanding (M)	88.35	88.35	88.35
(=) Excess Retained per Share	0.62	0.77	0.86
LTM Dividend per Share	0.91	0.91	0.91
(+) Excess Retained per Share	0.62	0.77	0.86
(=) Adjusted Dividend	1.53	1.67	1.77
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-3.28%	-2.28%	-1.28%
Fair Value	$14.70	$18.04	$21.65
Upside / Downside	-52.80%	-42.09%	-30.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	169.00	165.14	161.38	157.69	154.09	150.58	155.10
Payout Ratio	47.34%	55.87%	64.40%	72.93%	81.47%	90.00%	92.50%
Projected Dividends (M)	80.00	92.27	103.93	115.01	125.54	135.52	143.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-3.28%	-2.28%	-1.28%
Year 1 PV (M)	85.52	86.40	87.29
Year 2 PV (M)	89.29	91.14	93.02
Year 3 PV (M)	91.58	94.45	97.38
Year 4 PV (M)	92.65	96.55	100.56
Year 5 PV (M)	92.71	97.60	102.70
PV of Terminal Value (M)	2,593.15	2,730.01	2,872.59
Equity Value (M)	3,044.91	3,196.16	3,353.54
Shares Outstanding (M)	88.35	88.35	88.35
Fair Value	$34.46	$36.18	$37.96
Upside / Downside	10.64%	16.14%	21.86%

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Catella AB (publ) (0RL4.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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