DDM Analysis: 0GWB.IL

Valuation Snapshot

Stable Growth	$834.43 - $2,841.22	$1,369.04
Multi-Stage	$718.33 - $786.02	$751.55
Blended Fair Value	$1,060.29
Current Price	$488.40
Upside	117.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.07%	6.46%	4.30	4.00	3.75	3.50	0.00	3.20	3.00	2.80	2.65	2.50
YoY Growth	-	-	7.46%	6.67%	7.14%	0.00%	-100.00%	6.72%	7.20%	5.63%	5.97%	8.77%
Dividend Yield	-	-	0.86%	0.70%	0.80%	0.73%	0.00%	0.79%	1.01%	0.94%	0.87%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,595.00
(-) Cash Dividends Paid (M)	4,149.00
(=) Cash Retained (M)	3,446.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,519.00	949.38	569.63
Cash Retained (M)	3,446.00	3,446.00	3,446.00
(-) Cash Required (M)	-1,519.00	-949.38	-569.63
(=) Excess Retained (M)	1,927.00	2,496.63	2,876.38
(/) Shares Outstanding (M)	247.76	247.76	247.76
(=) Excess Retained per Share	7.78	10.08	11.61
LTM Dividend per Share	16.75	16.75	16.75
(+) Excess Retained per Share	7.78	10.08	11.61
(=) Adjusted Dividend	24.52	26.82	28.36
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.07%	5.07%	6.07%
Fair Value	$834.43	$1,369.04	$2,841.22
Upside / Downside	70.85%	180.31%	481.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,595.00	7,979.97	8,384.45	8,809.44	9,255.96	9,725.12	10,016.88
Payout Ratio	54.63%	61.70%	68.78%	75.85%	82.93%	90.00%	92.50%
Projected Dividends (M)	4,149.00	4,923.84	5,766.56	6,682.07	7,675.56	8,752.61	9,265.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	4.07%	5.07%	6.07%
Year 1 PV (M)	4,552.50	4,596.25	4,639.99
Year 2 PV (M)	4,929.58	5,024.77	5,120.87
Year 3 PV (M)	5,281.42	5,435.13	5,591.80
Year 4 PV (M)	5,609.14	5,827.86	6,052.92
Year 5 PV (M)	5,913.85	6,203.50	6,504.38
PV of Terminal Value (M)	151,683.86	159,112.95	166,830.31
Equity Value (M)	177,970.35	186,200.46	194,740.28
Shares Outstanding (M)	247.76	247.76	247.76
Fair Value	$718.33	$751.55	$786.02
Upside / Downside	47.08%	53.88%	60.94%

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L E Lundbergföretagen AB (publ) (0GWB.IL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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