DDM Analysis: CAV1V.HE

Valuation Snapshot

Stable Growth	$5.61 - $8.67	$7.03
Multi-Stage	$12.59 - $13.87	$13.22
Blended Fair Value	$10.12
Current Price	$8.76
Upside	15.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	0.00%	0.00%	0.20	0.17	0.20	0.00	0.05	0.00	0.00	0.26	0.20	0.20
YoY Growth	-	-	18.10%	-15.02%	27,200.00%	-98.53%	0.00%	0.00%	-100.00%	27.17%	-0.36%	0.00%
Dividend Yield	-	-	2.33%	2.45%	3.13%	0.01%	0.69%	0.00%	0.00%	3.24%	2.24%	3.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.60
(-) Cash Dividends Paid (M)	27.40
(=) Cash Retained (M)	55.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.52	10.33	6.20
Cash Retained (M)	55.20	55.20	55.20
(-) Cash Required (M)	-16.52	-10.33	-6.20
(=) Excess Retained (M)	38.68	44.88	49.01
(/) Shares Outstanding (M)	136.69	136.69	136.69
(=) Excess Retained per Share	0.28	0.33	0.36
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.28	0.33	0.36
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.61	$7.03	$8.67
Upside / Downside	-35.99%	-19.78%	-1.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.60	81.77	80.96	80.15	79.35	78.55	80.91
Payout Ratio	33.17%	44.54%	55.90%	67.27%	78.63%	90.00%	92.50%
Projected Dividends (M)	27.40	36.42	45.26	53.91	62.39	70.70	74.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	33.87	34.21	34.56
Year 2 PV (M)	39.14	39.94	40.75
Year 3 PV (M)	43.36	44.70	46.06
Year 4 PV (M)	46.66	48.59	50.59
Year 5 PV (M)	49.16	51.72	54.39
PV of Terminal Value (M)	1,508.99	1,587.57	1,669.38
Equity Value (M)	1,721.17	1,806.73	1,895.73
Shares Outstanding (M)	136.69	136.69	136.69
Fair Value	$12.59	$13.22	$13.87
Upside / Downside	43.74%	50.89%	58.32%

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DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Caverion Oyj (CAV1V.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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