DDM Analysis: INFREA.ST

Valuation Snapshot

Stable Growth	$6.36 - $9.61	$7.89
Multi-Stage	$13.24 - $14.55	$13.88
Blended Fair Value	$10.89
Current Price	$12.85
Upside	-15.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.06	0.33	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-83.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.18%	1.78%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.20
(-) Cash Dividends Paid (M)	15.00
(=) Cash Retained (M)	7.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.44	2.78	1.67
Cash Retained (M)	7.20	7.20	7.20
(-) Cash Required (M)	-4.44	-2.78	-1.67
(=) Excess Retained (M)	2.76	4.43	5.54
(/) Shares Outstanding (M)	29.98	29.98	29.98
(=) Excess Retained per Share	0.09	0.15	0.18
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.09	0.15	0.18
(=) Adjusted Dividend	0.59	0.65	0.68
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.36	$7.89	$9.61
Upside / Downside	-50.51%	-38.58%	-25.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.20	21.98	21.76	21.54	21.33	21.11	21.75
Payout Ratio	67.57%	72.05%	76.54%	81.03%	85.51%	90.00%	92.50%
Projected Dividends (M)	15.00	15.84	16.65	17.45	18.24	19.00	20.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	14.63	14.78	14.93
Year 2 PV (M)	14.22	14.51	14.81
Year 3 PV (M)	13.77	14.20	14.63
Year 4 PV (M)	13.30	13.85	14.41
Year 5 PV (M)	12.80	13.47	14.16
PV of Terminal Value (M)	328.35	345.45	363.25
Equity Value (M)	397.07	416.26	436.20
Shares Outstanding (M)	29.98	29.98	29.98
Fair Value	$13.24	$13.88	$14.55
Upside / Downside	3.06%	8.04%	13.21%

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Infrea AB (INFREA.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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