DDM Analysis: SKIS-B.ST

Valuation Snapshot

Stable Growth	$322.10 - $1,402.20	$775.27
Multi-Stage	$164.94 - $180.37	$172.51
Blended Fair Value	$473.89
Current Price	$158.20
Upside	199.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.36%	8.40%	2.80	2.60	3.00	1.50	0.00	3.50	3.50	2.75	2.25	2.00
YoY Growth	-	-	7.69%	-13.33%	100.00%	0.00%	-100.00%	0.00%	27.27%	22.22%	12.50%	60.00%
Dividend Yield	-	-	1.77%	1.55%	2.67%	1.31%	0.00%	3.56%	2.85%	2.46%	2.65%	2.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	552.60
(-) Cash Dividends Paid (M)	219.45
(=) Cash Retained (M)	333.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.52	69.08	41.45
Cash Retained (M)	333.15	333.15	333.15
(-) Cash Required (M)	-110.52	-69.08	-41.45
(=) Excess Retained (M)	222.63	264.07	291.70
(/) Shares Outstanding (M)	78.38	78.38	78.38
(=) Excess Retained per Share	2.84	3.37	3.72
LTM Dividend per Share	2.80	2.80	2.80
(+) Excess Retained per Share	2.84	3.37	3.72
(=) Adjusted Dividend	5.64	6.17	6.52
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$322.10	$775.27	$1,402.20
Upside / Downside	103.60%	390.05%	786.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	552.60	588.52	626.77	667.51	710.90	757.11	779.82
Payout Ratio	39.71%	49.77%	59.83%	69.89%	79.94%	90.00%	92.50%
Projected Dividends (M)	219.45	292.91	374.98	466.49	568.31	681.40	721.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	270.30	272.86	275.42
Year 2 PV (M)	319.33	325.41	331.55
Year 3 PV (M)	366.59	377.11	387.83
Year 4 PV (M)	412.13	427.98	444.28
Year 5 PV (M)	455.99	478.02	500.88
PV of Terminal Value (M)	11,103.37	11,639.67	12,196.49
Equity Value (M)	12,927.70	13,521.04	14,136.46
Shares Outstanding (M)	78.38	78.38	78.38
Fair Value	$164.94	$172.51	$180.37
Upside / Downside	4.26%	9.05%	14.01%

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SkiStar AB (publ) (SKIS-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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