DDM Analysis: FPAR-A.ST

Valuation Snapshot

Stable Growth	$27.91 - $50.23	$37.25
Multi-Stage	$49.61 - $54.48	$52.00
Blended Fair Value	$44.62
Current Price	$50.70
Upside	-11.98%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.79%	2.55%	1.15	1.15	2.22	2.04	1.87	1.47	1.34	1.25	1.07	1.01
YoY Growth	-	-	0.00%	-48.20%	8.97%	8.77%	27.46%	9.72%	6.92%	16.78%	6.79%	12.41%
Dividend Yield	-	-	2.17%	1.54%	3.71%	1.96%	2.22%	2.03%	1.92%	2.69%	2.48%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	447.90
(-) Cash Dividends Paid (M)	246.50
(=) Cash Retained (M)	201.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.58	55.99	33.59
Cash Retained (M)	201.40	201.40	201.40
(-) Cash Required (M)	-89.58	-55.99	-33.59
(=) Excess Retained (M)	111.82	145.41	167.81
(/) Shares Outstanding (M)	222.60	222.60	222.60
(=) Excess Retained per Share	0.50	0.65	0.75
LTM Dividend per Share	1.11	1.11	1.11
(+) Excess Retained per Share	0.50	0.65	0.75
(=) Adjusted Dividend	1.61	1.76	1.86
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.55%	1.55%	2.55%
Fair Value	$27.91	$37.25	$50.23
Upside / Downside	-44.95%	-26.53%	-0.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	447.90	454.86	461.92	469.10	476.39	483.79	498.30
Payout Ratio	55.03%	62.03%	69.02%	76.01%	83.01%	90.00%	92.50%
Projected Dividends (M)	246.50	282.14	318.82	356.58	395.44	435.41	460.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.55%	1.55%	2.55%
Year 1 PV (M)	262.67	265.28	267.90
Year 2 PV (M)	276.35	281.87	287.45
Year 3 PV (M)	287.75	296.42	305.26
Year 4 PV (M)	297.09	309.08	321.44
Year 5 PV (M)	304.55	320.00	336.07
PV of Terminal Value (M)	9,614.47	10,102.15	10,609.42
Equity Value (M)	11,042.87	11,574.80	12,127.53
Shares Outstanding (M)	222.60	222.60	222.60
Fair Value	$49.61	$52.00	$54.48
Upside / Downside	-2.15%	2.56%	7.46%

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FastPartner AB (publ) (FPAR-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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