DDM Analysis: DSV.CO

Valuation Snapshot

Stable Growth	$1,131.24 - $3,243.34	$1,770.50
Multi-Stage	$751.38 - $821.44	$785.77
Blended Fair Value	$1,278.13
Current Price	$1,522.00
Upside	-16.02%
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	29.37%	18.96%	6.87	6.38	5.91	4.12	2.63	1.89	1.70	1.53	1.46	1.27
YoY Growth	-	-	7.65%	7.88%	43.48%	56.46%	39.01%	11.32%	11.11%	4.59%	15.55%	4.81%
Dividend Yield	-	-	0.52%	0.56%	0.45%	0.32%	0.21%	0.31%	0.31%	0.32%	0.41%	0.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,160.00
(-) Cash Dividends Paid (M)	1,683.00
(=) Cash Retained (M)	8,477.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,032.00	1,270.00	762.00
Cash Retained (M)	8,477.00	8,477.00	8,477.00
(-) Cash Required (M)	-2,032.00	-1,270.00	-762.00
(=) Excess Retained (M)	6,445.00	7,207.00	7,715.00
(/) Shares Outstanding (M)	223.26	223.26	223.26
(=) Excess Retained per Share	28.87	32.28	34.56
LTM Dividend per Share	7.54	7.54	7.54
(+) Excess Retained per Share	28.87	32.28	34.56
(=) Adjusted Dividend	36.41	39.82	42.09
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,131.24	$1,770.50	$3,243.34
Upside / Downside	-25.67%	16.33%	113.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,160.00	10,820.40	11,523.73	12,272.77	13,070.50	13,920.08	14,337.68
Payout Ratio	16.56%	31.25%	45.94%	60.63%	75.31%	90.00%	92.50%
Projected Dividends (M)	1,683.00	3,381.59	5,293.88	7,440.49	9,843.78	12,528.07	13,262.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.90%	8.90%	8.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,076.20	3,105.36	3,134.52
Year 2 PV (M)	4,380.89	4,464.34	4,548.57
Year 3 PV (M)	5,601.23	5,762.03	5,925.86
Year 4 PV (M)	6,741.22	7,000.47	7,267.12
Year 5 PV (M)	7,804.68	8,181.64	8,573.04
PV of Terminal Value (M)	140,149.95	146,919.24	153,947.61
Equity Value (M)	167,754.17	175,433.07	183,396.73
Shares Outstanding (M)	223.26	223.26	223.26
Fair Value	$751.38	$785.77	$821.44
Upside / Downside	-50.63%	-48.37%	-46.03%

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DSV A/S (DSV.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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