DDM Analysis: HELG.OL

Valuation Snapshot

Stable Growth	$1,042.84 - $3,763.19	$3,318.00
Multi-Stage	$483.47 - $528.60	$505.62
Blended Fair Value	$1,911.81
Current Price	$181.90
Upside	951.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	61.36%	24.30%	12.58	11.47	3.76	2.27	1.95	1.15	2.89	2.72	1.81	1.67
YoY Growth	-	-	9.73%	204.63%	66.15%	16.07%	69.70%	-60.24%	6.41%	50.00%	8.33%	17.07%
Dividend Yield	-	-	7.89%	8.89%	2.96%	1.69%	1.84%	1.77%	3.99%	3.22%	2.27%	2.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	542.85
(-) Cash Dividends Paid (M)	279.00
(=) Cash Retained (M)	263.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.57	67.86	40.71
Cash Retained (M)	263.85	263.85	263.85
(-) Cash Required (M)	-108.57	-67.86	-40.71
(=) Excess Retained (M)	155.28	195.99	223.14
(/) Shares Outstanding (M)	28.69	28.69	28.69
(=) Excess Retained per Share	5.41	6.83	7.78
LTM Dividend per Share	9.73	9.73	9.73
(+) Excess Retained per Share	5.41	6.83	7.78
(=) Adjusted Dividend	15.14	16.56	17.50
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,042.84	$3,318.00	$3,763.19
Upside / Downside	473.30%	1,724.08%	1,968.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	542.85	578.14	615.71	655.74	698.36	743.75	766.06
Payout Ratio	51.40%	59.12%	66.84%	74.56%	82.28%	90.00%	92.50%
Projected Dividends (M)	279.00	341.77	411.53	488.90	574.60	669.38	708.61

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)	316.32	319.32	322.32
Year 2 PV (M)	352.52	359.23	366.01
Year 3 PV (M)	387.61	398.74	410.08
Year 4 PV (M)	421.63	437.85	454.52
Year 5 PV (M)	454.60	476.56	499.35
PV of Terminal Value (M)	11,937.23	12,513.81	13,112.45
Equity Value (M)	13,869.92	14,505.50	15,164.73
Shares Outstanding (M)	28.69	28.69	28.69
Fair Value	$483.47	$505.62	$528.60
Upside / Downside	165.79%	177.97%	190.60%

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SpareBank 1 Helgeland (HELG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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