DDM Analysis: FNOX.ST

Valuation Snapshot

Stable Growth	$23.77 - $50.58	$33.79
Multi-Stage	$17.29 - $18.89	$18.08
Blended Fair Value	$25.93
Current Price	$86.98
Upside	-70.19%
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	42.30%	33.06%	0.20	0.12	0.08	0.07	0.05	0.03	0.02	0.02	0.02	0.01
YoY Growth	-	-	67.12%	49.59%	6.99%	52.59%	42.98%	40.16%	27.67%	25.00%	23.08%	8.33%
Dividend Yield	-	-	0.23%	0.18%	0.11%	0.14%	0.13%	0.21%	0.25%	0.39%	0.47%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	770.00
(-) Cash Dividends Paid (M)	122.00
(=) Cash Retained (M)	648.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	154.00	96.25	57.75
Cash Retained (M)	648.00	648.00	648.00
(-) Cash Required (M)	-154.00	-96.25	-57.75
(=) Excess Retained (M)	494.00	551.75	590.25
(/) Shares Outstanding (M)	609.85	609.85	609.85
(=) Excess Retained per Share	0.81	0.90	0.97
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.81	0.90	0.97
(=) Adjusted Dividend	1.01	1.10	1.17
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.77	$33.79	$50.58
Upside / Downside	-72.67%	-61.16%	-41.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	770.00	820.05	873.35	930.12	990.58	1,054.97	1,086.62
Payout Ratio	15.84%	30.68%	45.51%	60.34%	75.17%	90.00%	92.50%
Projected Dividends (M)	122.00	251.55	397.43	561.21	744.61	949.47	1,005.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226.57	228.72	230.87
Year 2 PV (M)	322.42	328.56	334.76
Year 3 PV (M)	410.08	421.85	433.84
Year 4 PV (M)	490.06	508.90	528.29
Year 5 PV (M)	562.83	590.02	618.24
PV of Terminal Value (M)	8,533.12	8,945.27	9,373.20
Equity Value (M)	10,545.08	11,023.32	11,519.20
Shares Outstanding (M)	609.85	609.85	609.85
Fair Value	$17.29	$18.08	$18.89
Upside / Downside	-80.12%	-79.22%	-78.28%

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Fortnox AB (publ) (FNOX.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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