DDM Analysis: ODL.OL

Valuation Snapshot

Stable Growth	$2.93 - $4.15	$3.53
Multi-Stage	$4.89 - $5.34	$5.12
Blended Fair Value	$4.32
Current Price	$6.60
Upside	-34.50%
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	0.00%	19.05%	0.24	0.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	101.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	4.32%	2.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.90
(-) Cash Dividends Paid (M)	97.20
(=) Cash Retained (M)	9.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.38	13.36	8.02
Cash Retained (M)	9.70	9.70	9.70
(-) Cash Required (M)	-21.38	-13.36	-8.02
(=) Excess Retained (M)	-11.68	-3.66	1.68
(/) Shares Outstanding (M)	240.03	240.03	240.03
(=) Excess Retained per Share	-0.05	-0.02	0.01
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	-0.05	-0.02	0.01
(=) Adjusted Dividend	0.36	0.39	0.41
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.93	$3.53	$4.15
Upside / Downside	-55.65%	-46.51%	-37.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.90	105.83	104.77	103.72	102.69	101.66	104.71
Payout Ratio	90.93%	90.74%	90.56%	90.37%	90.19%	90.00%	92.50%
Projected Dividends (M)	97.20	96.03	94.88	93.74	92.61	91.49	96.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	86.48	87.36	88.24
Year 2 PV (M)	76.94	78.51	80.11
Year 3 PV (M)	68.45	70.56	72.72
Year 4 PV (M)	60.90	63.42	66.02
Year 5 PV (M)	54.18	57.00	59.94
PV of Terminal Value (M)	827.88	870.99	915.88
Equity Value (M)	1,174.82	1,227.85	1,282.91
Shares Outstanding (M)	240.03	240.03	240.03
Fair Value	$4.89	$5.12	$5.34
Upside / Downside	-25.84%	-22.49%	-19.02%

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Odfjell Drilling Ltd. (ODL.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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