DDM Analysis: INSTAL.ST

Valuation Snapshot

Stable Growth	$95.83 - $207.79	$194.73
Multi-Stage	$31.95 - $34.94	$33.41
Blended Fair Value	$114.07
Current Price	$25.50
Upside	347.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.65%	0.00%	0.67	0.65	0.64	0.53	0.43	0.27	0.20	0.00	0.00	0.00
YoY Growth	-	-	4.07%	1.78%	19.86%	22.61%	57.53%	40.38%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.18%	1.51%	1.27%	0.75%	0.68%	1.22%	1.20%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	278.00
(-) Cash Dividends Paid (M)	182.00
(=) Cash Retained (M)	96.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.60	34.75	20.85
Cash Retained (M)	96.00	96.00	96.00
(-) Cash Required (M)	-55.60	-34.75	-20.85
(=) Excess Retained (M)	40.40	61.25	75.15
(/) Shares Outstanding (M)	266.08	266.08	266.08
(=) Excess Retained per Share	0.15	0.23	0.28
LTM Dividend per Share	0.68	0.68	0.68
(+) Excess Retained per Share	0.15	0.23	0.28
(=) Adjusted Dividend	0.84	0.91	0.97
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.83	$194.73	$207.79
Upside / Downside	275.80%	663.63%	714.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	278.00	296.07	315.31	335.81	357.64	380.88	392.31
Payout Ratio	65.47%	70.37%	75.28%	80.19%	85.09%	90.00%	92.50%
Projected Dividends (M)	182.00	208.36	237.37	269.28	304.33	342.80	362.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	193.95	195.79	197.63
Year 2 PV (M)	205.68	209.59	213.55
Year 3 PV (M)	217.19	223.42	229.77
Year 4 PV (M)	228.48	237.27	246.31
Year 5 PV (M)	239.57	251.14	263.15
PV of Terminal Value (M)	7,415.07	7,773.22	8,145.07
Equity Value (M)	8,499.93	8,890.43	9,295.48
Shares Outstanding (M)	266.08	266.08	266.08
Fair Value	$31.95	$33.41	$34.94
Upside / Downside	25.28%	31.03%	37.00%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
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0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
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SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Instalco AB (publ) (INSTAL.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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