DDM Analysis: PUUILO.HE

Valuation Snapshot

Stable Growth	$95.00 - $152.04	$142.48
Multi-Stage	$25.45 - $27.83	$26.62
Blended Fair Value	$84.55
Current Price	$13.69
Upside	517.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019
DPS	60.87%	0.00%	0.38	0.34	0.30	0.59	0.59	0.04	0.00	0.00	0.00	0.00
YoY Growth	-	-	11.50%	12.99%	-49.33%	0.06%	1,586.87%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.01%	3.32%	4.31%	9.01%	8.15%	0.48%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.75
(-) Cash Dividends Paid (M)	53.50
(=) Cash Retained (M)	11.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.95	8.09	4.86
Cash Retained (M)	11.25	11.25	11.25
(-) Cash Required (M)	-12.95	-8.09	-4.86
(=) Excess Retained (M)	-1.70	3.16	6.39
(/) Shares Outstanding (M)	84.70	84.70	84.70
(=) Excess Retained per Share	-0.02	0.04	0.08
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	-0.02	0.04	0.08
(=) Adjusted Dividend	0.61	0.67	0.71
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$95.00	$142.48	$152.04
Upside / Downside	593.92%	940.76%	1,010.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.75	68.96	73.44	78.21	83.30	88.71	91.37
Payout Ratio	82.63%	84.10%	85.58%	87.05%	88.53%	90.00%	92.50%
Projected Dividends (M)	53.50	57.99	62.85	68.09	73.74	79.84	84.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	54.11	54.62	55.13
Year 2 PV (M)	54.70	55.75	56.80
Year 3 PV (M)	55.29	56.88	58.49
Year 4 PV (M)	55.87	58.02	60.23
Year 5 PV (M)	56.43	59.16	61.99
PV of Terminal Value (M)	1,879.17	1,969.93	2,064.17
Equity Value (M)	2,155.57	2,254.35	2,356.81
Shares Outstanding (M)	84.70	84.70	84.70
Fair Value	$25.45	$26.62	$27.83
Upside / Downside	85.90%	94.42%	103.26%

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Puuilo Oyj (PUUILO.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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