DDM Analysis: HOLM-A.ST

Valuation Snapshot

Stable Growth	$668.54 - $3,563.89	$1,323.32
Multi-Stage	$536.25 - $587.12	$561.21
Blended Fair Value	$942.27
Current Price	$357.40
Upside	163.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.06%	9.25%	11.64	16.48	11.84	11.07	3.61	7.21	6.94	6.41	5.61	5.34
YoY Growth	-	-	-29.36%	39.21%	6.95%	207.05%	-50.00%	3.85%	8.33%	14.29%	5.00%	11.11%
Dividend Yield	-	-	2.93%	3.79%	2.97%	2.10%	0.94%	2.64%	3.37%	2.83%	3.21%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,856.00
(-) Cash Dividends Paid (M)	1,888.00
(=) Cash Retained (M)	968.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	571.20	357.00	214.20
Cash Retained (M)	968.00	968.00	968.00
(-) Cash Required (M)	-571.20	-357.00	-214.20
(=) Excess Retained (M)	396.80	611.00	753.80
(/) Shares Outstanding (M)	157.24	157.24	157.24
(=) Excess Retained per Share	2.52	3.89	4.79
LTM Dividend per Share	12.01	12.01	12.01
(+) Excess Retained per Share	2.52	3.89	4.79
(=) Adjusted Dividend	14.53	15.89	16.80
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.06%	5.06%	6.06%
Fair Value	$668.54	$1,323.32	$3,563.89
Upside / Downside	87.06%	270.26%	897.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,856.00	3,000.51	3,152.32	3,311.82	3,479.39	3,655.44	3,765.11
Payout Ratio	66.11%	70.89%	75.66%	80.44%	85.22%	90.00%	92.50%
Projected Dividends (M)	1,888.00	2,126.91	2,385.17	2,664.12	2,965.18	3,289.90	3,482.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.06%	5.06%	6.06%
Year 1 PV (M)	1,981.41	2,000.45	2,019.50
Year 2 PV (M)	2,070.00	2,109.97	2,150.33
Year 3 PV (M)	2,153.92	2,216.61	2,280.51
Year 4 PV (M)	2,233.33	2,320.42	2,410.04
Year 5 PV (M)	2,308.39	2,421.46	2,538.91
PV of Terminal Value (M)	73,571.36	77,175.02	80,918.52
Equity Value (M)	84,318.41	88,243.94	92,317.81
Shares Outstanding (M)	157.24	157.24	157.24
Fair Value	$536.25	$561.21	$587.12
Upside / Downside	50.04%	57.03%	64.28%

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Holmen AB (publ) (HOLM-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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