DDM Analysis: FMM-B.ST

Valuation Snapshot

Stable Growth	$168.37 - $511.63	$479.47
Multi-Stage	$72.77 - $79.50	$76.07
Blended Fair Value	$277.77
Current Price	$60.40
Upside	359.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.27%	11.91%	2.50	2.50	2.50	1.50	1.15	0.95	0.95	0.95	2.16	0.81
YoY Growth	-	-	0.02%	0.00%	66.67%	30.57%	20.51%	0.00%	0.00%	-55.95%	166.67%	0.00%
Dividend Yield	-	-	5.00%	4.75%	4.39%	1.95%	1.73%	3.75%	3.57%	3.54%	6.91%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108.90
(-) Cash Dividends Paid (M)	95.20
(=) Cash Retained (M)	13.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.78	13.61	8.17
Cash Retained (M)	13.70	13.70	13.70
(-) Cash Required (M)	-21.78	-13.61	-8.17
(=) Excess Retained (M)	-8.08	0.09	5.53
(/) Shares Outstanding (M)	42.31	42.31	42.31
(=) Excess Retained per Share	-0.19	0.00	0.13
LTM Dividend per Share	2.25	2.25	2.25
(+) Excess Retained per Share	-0.19	0.00	0.13
(=) Adjusted Dividend	2.06	2.25	2.38
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.45%	6.45%	7.45%
Fair Value	$168.37	$479.47	$511.63
Upside / Downside	178.76%	693.82%	747.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108.90	115.92	123.40	131.35	139.83	148.84	153.31
Payout Ratio	87.42%	87.94%	88.45%	88.97%	89.48%	90.00%	92.50%
Projected Dividends (M)	95.20	101.94	109.15	116.86	125.12	133.96	141.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.45%	6.45%	7.45%
Year 1 PV (M)	94.61	95.50	96.40
Year 2 PV (M)	94.01	95.80	97.61
Year 3 PV (M)	93.42	96.10	98.83
Year 4 PV (M)	92.82	96.39	100.07
Year 5 PV (M)	92.23	96.69	101.32
PV of Terminal Value (M)	2,611.97	2,738.19	2,869.24
Equity Value (M)	3,079.05	3,218.68	3,363.47
Shares Outstanding (M)	42.31	42.31	42.31
Fair Value	$72.77	$76.07	$79.50
Upside / Downside	20.48%	25.95%	31.61%

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FM Mattsson Mora Group AB (publ) (FMM-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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