DDM Analysis: AKVA.OL

Valuation Snapshot

Stable Growth	$82.58 - $171.39	$116.33
Multi-Stage	$134.81 - $148.22	$141.39
Blended Fair Value	$128.86
Current Price	$82.00
Upside	57.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	1.00	0.91	0.96	1.60	1.22	0.89	0.53	0.71
YoY Growth	-	-	0.00%	-100.00%	10.37%	-5.72%	-39.88%	31.13%	37.38%	66.56%	-24.71%	-0.38%
Dividend Yield	-	-	0.00%	0.00%	1.70%	1.11%	1.05%	3.41%	1.81%	1.35%	0.80%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	171.36
(-) Cash Dividends Paid (M)	36.31
(=) Cash Retained (M)	135.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.27	21.42	12.85
Cash Retained (M)	135.05	135.05	135.05
(-) Cash Required (M)	-34.27	-21.42	-12.85
(=) Excess Retained (M)	100.78	113.63	122.20
(/) Shares Outstanding (M)	36.32	36.32	36.32
(=) Excess Retained per Share	2.77	3.13	3.36
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	2.77	3.13	3.36
(=) Adjusted Dividend	3.77	4.13	4.36
WACC / Discount Rate	5.94%	5.94%	5.94%
Growth Rate	1.31%	2.31%	3.31%
Fair Value	$82.58	$116.33	$171.39
Upside / Downside	0.70%	41.87%	109.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.36	175.32	179.38	183.53	187.77	192.11	197.87
Payout Ratio	21.19%	34.95%	48.71%	62.48%	76.24%	90.00%	92.50%
Projected Dividends (M)	36.31	61.28	87.38	114.66	143.15	172.90	183.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.94%	5.94%	5.94%
Growth Rate	1.31%	2.31%	3.31%
Year 1 PV (M)	57.27	57.84	58.41
Year 2 PV (M)	76.34	77.85	79.38
Year 3 PV (M)	93.63	96.43	99.28
Year 4 PV (M)	109.26	113.63	118.14
Year 5 PV (M)	123.34	129.55	136.01
PV of Terminal Value (M)	4,436.84	4,660.18	4,892.42
Equity Value (M)	4,896.68	5,135.48	5,383.63
Shares Outstanding (M)	36.32	36.32	36.32
Fair Value	$134.81	$141.39	$148.22
Upside / Downside	64.41%	72.43%	80.76%

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AKVA group ASA (AKVA.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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