DDM Analysis: TFBANK.ST

Valuation Snapshot

Stable Growth	$380.64 - $2,223.20	$704.47
Multi-Stage	$221.97 - $242.83	$232.21
Blended Fair Value	$468.34
Current Price	$181.00
Upside	158.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-10.04%	42.26%	0.45	0.00	0.33	0.33	0.11	0.77	0.75	0.73	0.15	0.28
YoY Growth	-	-	0.00%	-100.00%	0.00%	209.35%	-85.95%	2.22%	2.27%	388.89%	-46.56%	2,010.14%
Dividend Yield	-	-	0.40%	0.00%	0.75%	0.55%	0.27%	3.36%	2.49%	2.72%	0.47%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	722.15
(-) Cash Dividends Paid (M)	127.42
(=) Cash Retained (M)	594.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	144.43	90.27	54.16
Cash Retained (M)	594.73	594.73	594.73
(-) Cash Required (M)	-144.43	-90.27	-54.16
(=) Excess Retained (M)	450.30	504.46	540.57
(/) Shares Outstanding (M)	64.60	64.60	64.60
(=) Excess Retained per Share	6.97	7.81	8.37
LTM Dividend per Share	1.97	1.97	1.97
(+) Excess Retained per Share	6.97	7.81	8.37
(=) Adjusted Dividend	8.94	9.78	10.34
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$380.64	$704.47	$2,223.20
Upside / Downside	110.30%	289.21%	1,128.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	722.15	769.09	819.08	872.32	929.03	989.41	1,019.09
Payout Ratio	17.64%	32.12%	46.59%	61.06%	75.53%	90.00%	92.50%
Projected Dividends (M)	127.42	247.00	381.58	532.62	701.68	890.47	942.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226.60	228.75	230.89
Year 2 PV (M)	321.16	327.28	333.45
Year 3 PV (M)	411.26	423.06	435.09
Year 4 PV (M)	497.05	516.16	535.83
Year 5 PV (M)	578.69	606.64	635.66
PV of Terminal Value (M)	12,304.38	12,898.69	13,515.74
Equity Value (M)	14,339.13	15,000.57	15,686.66
Shares Outstanding (M)	64.60	64.60	64.60
Fair Value	$221.97	$232.21	$242.83
Upside / Downside	22.63%	28.29%	34.16%

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TF Bank AB (publ) (TFBANK.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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