DDM Analysis: OLT.OL

Valuation Snapshot

Stable Growth	$1,812.87 - $4,954.50	$4,643.00
Multi-Stage	$737.31 - $807.39	$771.70
Blended Fair Value	$2,707.35
Current Price	$273.00
Upside	891.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.38%	16.96%	7.36	6.80	7.12	5.34	0.13	4.70	2.64	2.21	2.00	1.75
YoY Growth	-	-	8.18%	-4.49%	33.40%	3,884.62%	-97.15%	78.13%	19.63%	10.31%	14.12%	14.09%
Dividend Yield	-	-	2.84%	3.08%	4.17%	2.84%	0.08%	4.16%	1.74%	1.56%	1.24%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,422.00
(-) Cash Dividends Paid (M)	744.00
(=) Cash Retained (M)	1,678.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	484.40	302.75	181.65
Cash Retained (M)	1,678.00	1,678.00	1,678.00
(-) Cash Required (M)	-484.40	-302.75	-181.65
(=) Excess Retained (M)	1,193.60	1,375.25	1,496.35
(/) Shares Outstanding (M)	97.01	97.01	97.01
(=) Excess Retained per Share	12.30	14.18	15.43
LTM Dividend per Share	7.67	7.67	7.67
(+) Excess Retained per Share	12.30	14.18	15.43
(=) Adjusted Dividend	19.97	21.85	23.09
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.27%	6.27%	7.27%
Fair Value	$1,812.87	$4,643.00	$4,954.50
Upside / Downside	564.05%	1,600.73%	1,714.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,422.00	2,573.74	2,734.98	2,906.33	3,088.41	3,281.90	3,380.36
Payout Ratio	30.72%	42.57%	54.43%	66.29%	78.14%	90.00%	92.50%
Projected Dividends (M)	744.00	1,095.76	1,488.68	1,926.53	2,413.40	2,953.71	3,126.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.27%	6.27%	7.27%
Year 1 PV (M)	1,019.92	1,029.61	1,039.30
Year 2 PV (M)	1,289.74	1,314.36	1,339.22
Year 3 PV (M)	1,553.56	1,598.26	1,643.81
Year 4 PV (M)	1,811.48	1,881.30	1,953.12
Year 5 PV (M)	2,063.59	2,163.49	2,267.22
PV of Terminal Value (M)	63,785.78	66,873.67	70,080.00
Equity Value (M)	71,524.07	74,860.69	78,322.66
Shares Outstanding (M)	97.01	97.01	97.01
Fair Value	$737.31	$771.70	$807.39
Upside / Downside	170.08%	182.67%	195.75%

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Olav Thon Eiendomsselskap ASA (OLT.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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