DDM Analysis: LASP.CO

Valuation Snapshot

Stable Growth	$4,301.43 - $25,123.55	$7,960.99
Multi-Stage	$2,504.08 - $2,739.64	$2,619.70
Blended Fair Value	$5,290.34
Current Price	$825.00
Upside	541.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.86%	13.82%	19.95	9.99	10.00	7.99	10.00	9.98	7.79	6.24	6.23	6.24
YoY Growth	-	-	99.80%	-0.14%	25.14%	-20.06%	0.17%	28.05%	24.91%	0.14%	-0.17%	14.17%
Dividend Yield	-	-	2.57%	1.43%	1.54%	1.26%	1.96%	2.25%	1.69%	1.32%	1.21%	1.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	437.09
(-) Cash Dividends Paid (M)	69.31
(=) Cash Retained (M)	367.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	87.42	54.64	32.78
Cash Retained (M)	367.78	367.78	367.78
(-) Cash Required (M)	-87.42	-54.64	-32.78
(=) Excess Retained (M)	280.36	313.14	335.00
(/) Shares Outstanding (M)	3.46	3.46	3.46
(=) Excess Retained per Share	81.03	90.50	96.82
LTM Dividend per Share	20.03	20.03	20.03
(+) Excess Retained per Share	81.03	90.50	96.82
(=) Adjusted Dividend	101.06	110.54	116.85
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,301.43	$7,960.99	$25,123.55
Upside / Downside	421.38%	864.97%	2,945.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	437.09	465.50	495.76	527.98	562.30	598.85	616.82
Payout Ratio	15.86%	30.69%	45.51%	60.34%	75.17%	90.00%	92.50%
Projected Dividends (M)	69.31	142.84	225.64	318.60	422.69	538.97	570.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.05	132.29	133.53
Year 2 PV (M)	189.91	193.53	197.18
Year 3 PV (M)	246.00	253.07	260.26
Year 4 PV (M)	299.42	310.94	322.78
Year 5 PV (M)	350.26	367.17	384.74
PV of Terminal Value (M)	7,447.34	7,807.05	8,180.53
Equity Value (M)	8,663.98	9,064.04	9,479.02
Shares Outstanding (M)	3.46	3.46	3.46
Fair Value	$2,504.08	$2,619.70	$2,739.64
Upside / Downside	203.52%	217.54%	232.08%

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Lån & Spar Bank A/S (LASP.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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