DDM Analysis: GYL.OL

Valuation Snapshot

Stable Growth	$740.49 - $1,233.26	$957.78
Multi-Stage	$1,232.23 - $1,355.78	$1,292.81
Blended Fair Value	$1,125.30
Current Price	$424.00
Upside	165.40%
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%	0.00%	0.00	7.33	10.47	10.47	7.33	7.33	7.33	7.33	7.33	4.19
YoY Growth	-	-	-100.00%	-30.00%	0.00%	42.85%	0.00%	0.00%	0.00%	0.04%	75.00%	-42.86%
Dividend Yield	-	-	0.00%	1.47%	1.90%	1.81%	1.37%	1.70%	1.79%	1.99%	2.71%	1.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	139.55
(-) Cash Dividends Paid (M)	8.07
(=) Cash Retained (M)	131.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.91	17.44	10.47
Cash Retained (M)	131.47	131.47	131.47
(-) Cash Required (M)	-27.91	-17.44	-10.47
(=) Excess Retained (M)	103.56	114.03	121.00
(/) Shares Outstanding (M)	2.20	2.20	2.20
(=) Excess Retained per Share	47.01	51.76	54.93
LTM Dividend per Share	3.67	3.67	3.67
(+) Excess Retained per Share	47.01	51.76	54.93
(=) Adjusted Dividend	50.68	55.43	58.60
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	0.12%	1.12%	2.12%
Fair Value	$740.49	$957.78	$1,233.26
Upside / Downside	74.64%	125.89%	190.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.55	141.11	142.69	144.29	145.91	147.54	151.97
Payout Ratio	5.79%	22.63%	39.47%	56.31%	73.16%	90.00%	92.50%
Projected Dividends (M)	8.07	31.93	56.32	81.26	106.74	132.79	140.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.97%	6.97%	6.97%
Growth Rate	0.12%	1.12%	2.12%
Year 1 PV (M)	29.56	29.85	30.15
Year 2 PV (M)	48.25	49.22	50.20
Year 3 PV (M)	64.43	66.38	68.37
Year 4 PV (M)	78.34	81.52	84.79
Year 5 PV (M)	90.20	94.80	99.58
PV of Terminal Value (M)	2,403.62	2,526.08	2,653.48
Equity Value (M)	2,714.39	2,847.84	2,986.55
Shares Outstanding (M)	2.20	2.20	2.20
Fair Value	$1,232.23	$1,292.81	$1,355.78
Upside / Downside	190.62%	204.91%	219.76%

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Gyldendal ASA (GYL.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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