DDM Analysis: VEND.OL

Valuation Snapshot

Stable Growth	$3,966.02 - $6,777.51	$6,351.52
Multi-Stage	$1,095.85 - $1,199.30	$1,146.62
Blended Fair Value	$3,749.07
Current Price	$355.00
Upside	956.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	112.05%	49.13%	89.25	2.00	2.04	2.04	0.00	2.08	1.82	1.73	1.73	1.64
YoY Growth	-	-	4,355.56%	-1.92%	0.00%	0.00%	-100.00%	14.39%	5.30%	0.00%	5.32%	0.00%
Dividend Yield	-	-	27.65%	0.62%	0.63%	0.63%	0.00%	0.64%	0.56%	0.54%	0.54%	0.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,809.00
(-) Cash Dividends Paid (M)	3,867.00
(=) Cash Retained (M)	3,942.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,561.80	976.13	585.68
Cash Retained (M)	3,942.00	3,942.00	3,942.00
(-) Cash Required (M)	-1,561.80	-976.13	-585.68
(=) Excess Retained (M)	2,380.20	2,965.88	3,356.33
(/) Shares Outstanding (M)	229.14	229.14	229.14
(=) Excess Retained per Share	10.39	12.94	14.65
LTM Dividend per Share	16.88	16.88	16.88
(+) Excess Retained per Share	10.39	12.94	14.65
(=) Adjusted Dividend	27.26	29.82	31.52
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,966.02	$6,351.52	$6,777.51
Upside / Downside	1,017.19%	1,689.16%	1,809.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,809.00	8,316.59	8,857.16	9,432.88	10,046.02	10,699.01	11,019.98
Payout Ratio	49.52%	57.62%	65.71%	73.81%	81.90%	90.00%	92.50%
Projected Dividends (M)	3,867.00	4,791.67	5,820.21	6,962.21	8,228.08	9,629.11	10,193.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.23%	6.23%	6.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,468.50	4,510.86	4,553.21
Year 2 PV (M)	5,061.61	5,158.02	5,255.34
Year 3 PV (M)	5,646.41	5,808.50	5,973.66
Year 4 PV (M)	6,222.99	6,462.31	6,708.47
Year 5 PV (M)	6,791.44	7,119.47	7,460.05
PV of Terminal Value (M)	222,913.83	233,680.65	244,859.54
Equity Value (M)	251,104.79	262,739.81	274,810.28
Shares Outstanding (M)	229.14	229.14	229.14
Fair Value	$1,095.85	$1,146.62	$1,199.30
Upside / Downside	208.69%	222.99%	237.83%

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RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
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0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Vend Marketplaces ASA (VEND.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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