DDM Analysis: RBREW.CO

Valuation Snapshot

Stable Growth	$3,473.92 - $6,173.08	$5,785.08
Multi-Stage	$1,016.37 - $1,110.75	$1,062.70
Blended Fair Value	$3,423.89
Current Price	$517.50
Upside	561.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.18%	0.00%	14.41	14.29	13.73	12.96	11.91	10.68	8.95	8.47	7.66	7.42
YoY Growth	-	-	0.83%	4.05%	5.97%	8.83%	11.52%	19.32%	5.71%	10.56%	3.17%	0.00%
Dividend Yield	-	-	2.62%	3.11%	2.30%	2.05%	1.79%	2.18%	1.83%	2.12%	2.61%	2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,564.00
(-) Cash Dividends Paid (M)	1,475.00
(=) Cash Retained (M)	89.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	312.80	195.50	117.30
Cash Retained (M)	89.00	89.00	89.00
(-) Cash Required (M)	-312.80	-195.50	-117.30
(=) Excess Retained (M)	-223.80	-106.50	-28.30
(/) Shares Outstanding (M)	50.39	50.39	50.39
(=) Excess Retained per Share	-4.44	-2.11	-0.56
LTM Dividend per Share	29.27	29.27	29.27
(+) Excess Retained per Share	-4.44	-2.11	-0.56
(=) Adjusted Dividend	24.83	27.16	28.71
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,473.92	$5,785.08	$6,173.08
Upside / Downside	571.29%	1,017.89%	1,092.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,564.00	1,665.66	1,773.93	1,889.23	2,012.03	2,142.82	2,207.10
Payout Ratio	94.31%	93.45%	92.59%	91.72%	90.86%	90.00%	92.50%
Projected Dividends (M)	1,475.00	1,556.52	1,642.40	1,732.88	1,828.17	1,928.53	2,041.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,451.15	1,464.90	1,478.66
Year 2 PV (M)	1,427.56	1,454.75	1,482.20
Year 3 PV (M)	1,404.23	1,444.54	1,485.62
Year 4 PV (M)	1,381.16	1,434.28	1,488.91
Year 5 PV (M)	1,358.35	1,423.96	1,492.08
PV of Terminal Value (M)	44,189.04	46,323.39	48,539.42
Equity Value (M)	51,211.50	53,545.82	55,966.89
Shares Outstanding (M)	50.39	50.39	50.39
Fair Value	$1,016.37	$1,062.70	$1,110.75
Upside / Downside	96.40%	105.35%	114.64%

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Royal Unibrew A/S (RBREW.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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