DDM Analysis: PROT.OL

Valuation Snapshot

Stable Growth	$950.46 - $5,524.66	$1,764.88
Multi-Stage	$560.89 - $613.17	$586.55
Blended Fair Value	$1,175.72
Current Price	$429.00
Upside	174.06%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	19.01%	10.02	10.02	11.52	8.02	0.00	0.00	0.00	2.36	2.36	2.01
YoY Growth	-	-	0.01%	-13.03%	43.63%	0.00%	0.00%	0.00%	-100.00%	-0.01%	17.36%	14.29%
Dividend Yield	-	-	2.96%	4.43%	8.29%	6.59%	0.00%	0.00%	0.00%	2.76%	3.70%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,285.00
(-) Cash Dividends Paid (M)	742.00
(=) Cash Retained (M)	1,543.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	457.00	285.63	171.38
Cash Retained (M)	1,543.00	1,543.00	1,543.00
(-) Cash Required (M)	-457.00	-285.63	-171.38
(=) Excess Retained (M)	1,086.00	1,257.38	1,371.63
(/) Shares Outstanding (M)	82.25	82.25	82.25
(=) Excess Retained per Share	13.20	15.29	16.68
LTM Dividend per Share	9.02	9.02	9.02
(+) Excess Retained per Share	13.20	15.29	16.68
(=) Adjusted Dividend	22.22	24.31	25.70
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$950.46	$1,764.88	$5,524.66
Upside / Downside	121.55%	311.39%	1,187.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,285.00	2,433.53	2,591.70	2,760.16	2,939.58	3,130.65	3,224.57
Payout Ratio	32.47%	43.98%	55.48%	66.99%	78.49%	90.00%	92.50%
Projected Dividends (M)	742.00	1,070.22	1,437.97	1,849.01	2,307.41	2,817.58	2,982.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.97%	7.97%	7.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	981.94	991.25	1,000.56
Year 2 PV (M)	1,210.53	1,233.59	1,256.86
Year 3 PV (M)	1,428.16	1,469.16	1,510.93
Year 4 PV (M)	1,635.21	1,698.10	1,762.78
Year 5 PV (M)	1,832.06	1,920.55	2,012.43
PV of Terminal Value (M)	39,048.15	40,934.19	42,892.41
Equity Value (M)	46,136.06	48,246.83	50,435.97
Shares Outstanding (M)	82.25	82.25	82.25
Fair Value	$560.89	$586.55	$613.17
Upside / Downside	30.74%	36.73%	42.93%

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Protector Forsikring ASA (PROT.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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