DDM Analysis: ZZ-B.ST

Valuation Snapshot

Stable Growth	$590.66 - $1,290.27	$1,209.17
Multi-Stage	$197.09 - $215.58	$206.17
Blended Fair Value	$707.67
Current Price	$140.00
Upside	405.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.17%	43.88%	2.74	1.58	1.79	1.12	0.61	0.61	0.39	0.22	0.21	0.21
YoY Growth	-	-	73.69%	-12.09%	60.03%	83.23%	0.79%	55.56%	80.00%	4.92%	0.49%	185.27%
Dividend Yield	-	-	1.91%	2.04%	4.09%	2.83%	0.77%	3.08%	3.48%	2.52%	1.99%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.96
(-) Cash Dividends Paid (M)	143.06
(=) Cash Retained (M)	100.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.79	30.50	18.30
Cash Retained (M)	100.90	100.90	100.90
(-) Cash Required (M)	-48.79	-30.50	-18.30
(=) Excess Retained (M)	52.11	70.40	82.60
(/) Shares Outstanding (M)	37.60	37.60	37.60
(=) Excess Retained per Share	1.39	1.87	2.20
LTM Dividend per Share	3.80	3.80	3.80
(+) Excess Retained per Share	1.39	1.87	2.20
(=) Adjusted Dividend	5.19	5.68	6.00
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$590.66	$1,209.17	$1,290.27
Upside / Downside	321.90%	763.70%	821.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.96	259.82	276.71	294.69	313.85	334.25	344.27
Payout Ratio	58.64%	64.91%	71.18%	77.46%	83.73%	90.00%	92.50%
Projected Dividends (M)	143.06	168.66	196.97	228.26	262.78	300.82	318.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	156.98	158.47	159.96
Year 2 PV (M)	170.65	173.90	177.18
Year 3 PV (M)	184.07	189.35	194.74
Year 4 PV (M)	197.24	204.82	212.63
Year 5 PV (M)	210.17	220.32	230.86
PV of Terminal Value (M)	6,492.00	6,805.57	7,131.14
Equity Value (M)	7,411.11	7,752.43	8,106.50
Shares Outstanding (M)	37.60	37.60	37.60
Fair Value	$197.09	$206.17	$215.58
Upside / Downside	40.78%	47.26%	53.99%

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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%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
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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%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Zinzino AB (publ) (ZZ-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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