DDM Analysis: REJL-B.ST

Valuation Snapshot

Stable Growth	$664.63 - $1,911.97	$1,791.80
Multi-Stage	$266.00 - $290.99	$278.27
Blended Fair Value	$1,035.03
Current Price	$188.00
Upside	450.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	39.85%	15.00%	4.45	4.10	2.70	3.08	1.32	0.83	0.43	0.02	1.18	1.10
YoY Growth	-	-	8.51%	51.82%	-12.34%	133.56%	58.60%	95.79%	1,800.00%	-98.10%	6.91%	0.00%
Dividend Yield	-	-	2.40%	2.75%	1.65%	2.32%	0.84%	0.95%	0.61%	0.04%	1.83%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.80
(-) Cash Dividends Paid (M)	99.50
(=) Cash Retained (M)	115.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.96	26.85	16.11
Cash Retained (M)	115.30	115.30	115.30
(-) Cash Required (M)	-42.96	-26.85	-16.11
(=) Excess Retained (M)	72.34	88.45	99.19
(/) Shares Outstanding (M)	22.34	22.34	22.34
(=) Excess Retained per Share	3.24	3.96	4.44
LTM Dividend per Share	4.45	4.45	4.45
(+) Excess Retained per Share	3.24	3.96	4.44
(=) Adjusted Dividend	7.69	8.41	8.89
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$664.63	$1,791.80	$1,911.97
Upside / Downside	253.53%	853.08%	917.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.80	228.76	243.63	259.47	276.33	294.29	303.12
Payout Ratio	46.32%	55.06%	63.79%	72.53%	81.26%	90.00%	92.50%
Projected Dividends (M)	99.50	125.95	155.42	188.19	224.56	264.87	280.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	116.91	118.02	119.13
Year 2 PV (M)	133.91	136.46	139.04
Year 3 PV (M)	150.51	154.83	159.23
Year 4 PV (M)	166.70	173.12	179.71
Year 5 PV (M)	182.51	191.33	200.48
PV of Terminal Value (M)	5,192.62	5,443.43	5,703.83
Equity Value (M)	5,943.17	6,217.18	6,501.41
Shares Outstanding (M)	22.34	22.34	22.34
Fair Value	$266.00	$278.27	$290.99
Upside / Downside	41.49%	48.01%	54.78%

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Rejlers AB (publ) (REJL-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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