DDM Analysis: SOAG.OL

Valuation Snapshot

Stable Growth	$2,731.94 - $9,878.22	$8,659.67
Multi-Stage	$1,259.41 - $1,377.46	$1,317.36
Blended Fair Value	$4,988.51
Current Price	$451.85
Upside	1,004.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.23%	24.04%	22.31	18.34	16.63	7.23	12.36	15.02	9.56	6.97	3.67	3.45
YoY Growth	-	-	21.61%	10.28%	130.11%	-41.51%	-17.71%	57.12%	37.16%	89.74%	6.49%	33.33%
Dividend Yield	-	-	5.34%	5.59%	5.26%	1.95%	4.32%	7.15%	4.35%	3.52%	2.14%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	639.00
(-) Cash Dividends Paid (M)	271.00
(=) Cash Retained (M)	368.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	127.80	79.88	47.93
Cash Retained (M)	368.00	368.00	368.00
(-) Cash Required (M)	-127.80	-79.88	-47.93
(=) Excess Retained (M)	240.20	288.13	320.08
(/) Shares Outstanding (M)	12.86	12.86	12.86
(=) Excess Retained per Share	18.67	22.40	24.88
LTM Dividend per Share	21.07	21.07	21.07
(+) Excess Retained per Share	18.67	22.40	24.88
(=) Adjusted Dividend	39.74	43.46	45.95
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,731.94	$8,659.67	$9,878.22
Upside / Downside	504.61%	1,816.49%	2,086.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	639.00	680.54	724.77	771.88	822.05	875.49	901.75
Payout Ratio	42.41%	51.93%	61.45%	70.96%	80.48%	90.00%	92.50%
Projected Dividends (M)	271.00	353.39	445.34	547.76	661.60	787.94	834.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	327.06	330.16	333.26
Year 2 PV (M)	381.46	388.73	396.06
Year 3 PV (M)	434.24	446.70	459.40
Year 4 PV (M)	485.42	504.08	523.28
Year 5 PV (M)	535.04	560.88	587.71
PV of Terminal Value (M)	14,038.87	14,716.96	15,420.99
Equity Value (M)	16,202.09	16,947.52	17,720.72
Shares Outstanding (M)	12.86	12.86	12.86
Fair Value	$1,259.41	$1,317.36	$1,377.46
Upside / Downside	178.72%	191.55%	204.85%

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SpareBank 1 Østfold Akershus (SOAG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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