DDM Analysis: ORSTED.CO

Valuation Snapshot

Stable Growth	$102.61 - $145.79	$123.88
Multi-Stage	$204.69 - $225.79	$215.03
Blended Fair Value	$169.46
Current Price	$151.18
Upside	12.09%
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	-30.03%	-0.93%	1.63	13.48	12.48	11.47	10.48	9.73	8.98	5.99	1.52	1.95
YoY Growth	-	-	-87.89%	8.02%	8.74%	9.52%	7.67%	8.33%	49.98%	293.91%	-22.14%	9.02%
Dividend Yield	-	-	0.97%	6.44%	3.85%	2.43%	1.84%	2.63%	3.21%	2.74%	1.02%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,642.00
(-) Cash Dividends Paid (M)	677.00
(=) Cash Retained (M)	5,965.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,328.40	830.25	498.15
Cash Retained (M)	5,965.00	5,965.00	5,965.00
(-) Cash Required (M)	-1,328.40	-830.25	-498.15
(=) Excess Retained (M)	4,636.60	5,134.75	5,466.85
(/) Shares Outstanding (M)	420.93	420.93	420.93
(=) Excess Retained per Share	11.02	12.20	12.99
LTM Dividend per Share	1.61	1.61	1.61
(+) Excess Retained per Share	11.02	12.20	12.99
(=) Adjusted Dividend	12.62	13.81	14.60
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	-3.98%	-2.98%	-1.98%
Fair Value	$102.61	$123.88	$145.79
Upside / Downside	-32.13%	-18.06%	-3.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,642.00	6,444.33	6,252.54	6,066.46	5,885.92	5,710.75	5,882.07
Payout Ratio	10.19%	26.15%	42.12%	58.08%	74.04%	90.00%	92.50%
Projected Dividends (M)	677.00	1,685.46	2,633.30	3,523.22	4,357.85	5,139.68	5,440.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.84%	7.84%	7.84%
Growth Rate	-3.98%	-2.98%	-1.98%
Year 1 PV (M)	1,546.86	1,562.97	1,579.07
Year 2 PV (M)	2,218.00	2,264.44	2,311.36
Year 3 PV (M)	2,723.54	2,809.52	2,897.29
Year 4 PV (M)	3,091.70	3,222.52	3,357.44
Year 5 PV (M)	3,346.51	3,524.43	3,709.84
PV of Terminal Value (M)	73,235.04	77,128.67	81,186.18
Equity Value (M)	86,161.66	90,512.55	95,041.18
Shares Outstanding (M)	420.93	420.93	420.93
Fair Value	$204.69	$215.03	$225.79
Upside / Downside	35.40%	42.23%	49.35%

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Ørsted A/S (ORSTED.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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