DDM Analysis: SALM.OL

Valuation Snapshot

Stable Growth	$203.91 - $542.08	$312.01
Multi-Stage	$136.24 - $149.03	$142.52
Blended Fair Value	$227.26
Current Price	$533.00
Upside	-57.36%
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	12.55%	17.95%	35.34	20.73	17.76	17.06	11.09	19.57	16.20	10.31	8.50	8.49
YoY Growth	-	-	70.44%	16.72%	4.09%	53.85%	-43.31%	20.76%	57.19%	21.32%	0.09%	25.24%
Dividend Yield	-	-	7.01%	3.04%	3.90%	2.44%	1.88%	5.63%	3.90%	3.12%	4.59%	4.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,150.00
(-) Cash Dividends Paid (M)	49.00
(=) Cash Retained (M)	1,101.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230.00	143.75	86.25
Cash Retained (M)	1,101.00	1,101.00	1,101.00
(-) Cash Required (M)	-230.00	-143.75	-86.25
(=) Excess Retained (M)	871.00	957.25	1,014.75
(/) Shares Outstanding (M)	132.52	132.52	132.52
(=) Excess Retained per Share	6.57	7.22	7.66
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	6.57	7.22	7.66
(=) Adjusted Dividend	6.94	7.59	8.03
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203.91	$312.01	$542.08
Upside / Downside	-61.74%	-41.46%	1.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,150.00	1,224.75	1,304.36	1,389.14	1,479.44	1,575.60	1,622.87
Payout Ratio	4.26%	21.41%	38.56%	55.70%	72.85%	90.00%	92.50%
Projected Dividends (M)	49.00	262.20	502.92	773.81	1,077.80	1,418.04	1,501.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.09%	9.09%	9.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	238.09	240.35	242.61
Year 2 PV (M)	414.68	422.58	430.55
Year 3 PV (M)	579.38	596.02	612.96
Year 4 PV (M)	732.79	760.97	789.96
Year 5 PV (M)	875.47	917.75	961.66
PV of Terminal Value (M)	15,213.36	15,948.17	16,711.11
Equity Value (M)	18,053.78	18,885.85	19,748.85
Shares Outstanding (M)	132.52	132.52	132.52
Fair Value	$136.24	$142.52	$149.03
Upside / Downside	-74.44%	-73.26%	-72.04%

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SalMar ASA (SALM.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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