DDM Analysis: SCA-A.ST

Valuation Snapshot

Stable Growth	$26.03 - $35.76	$30.94
Multi-Stage	$83.07 - $91.87	$87.38
Blended Fair Value	$59.16
Current Price	$124.60
Upside	-52.52%
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	9.46%	-5.94%	2.75	2.50	2.25	2.00	0.00	1.75	1.50	6.00	6.02	5.56
YoY Growth	-	-	9.97%	11.14%	12.46%	0.00%	-100.00%	16.60%	-74.99%	-0.33%	8.33%	9.51%
Dividend Yield	-	-	2.10%	1.56%	1.63%	1.10%	0.00%	1.75%	1.63%	6.78%	9.67%	10.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,540.00
(-) Cash Dividends Paid (M)	2,107.00
(=) Cash Retained (M)	1,433.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	708.00	442.50	265.50
Cash Retained (M)	1,433.00	1,433.00	1,433.00
(-) Cash Required (M)	-708.00	-442.50	-265.50
(=) Excess Retained (M)	725.00	990.50	1,167.50
(/) Shares Outstanding (M)	702.16	702.16	702.16
(=) Excess Retained per Share	1.03	1.41	1.66
LTM Dividend per Share	3.00	3.00	3.00
(+) Excess Retained per Share	1.03	1.41	1.66
(=) Adjusted Dividend	4.03	4.41	4.66
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-7.94%	-6.94%	-5.94%
Fair Value	$26.03	$30.94	$35.76
Upside / Downside	-79.11%	-75.17%	-71.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,540.00	3,294.17	3,065.41	2,852.53	2,654.44	2,470.10	2,544.20
Payout Ratio	59.52%	65.62%	71.71%	77.81%	83.90%	90.00%	92.50%
Projected Dividends (M)	2,107.00	2,161.49	2,198.26	2,219.49	2,227.18	2,223.09	2,353.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-7.94%	-6.94%	-5.94%
Year 1 PV (M)	2,011.13	2,032.98	2,054.83
Year 2 PV (M)	1,903.06	1,944.63	1,986.65
Year 3 PV (M)	1,787.78	1,846.68	1,906.85
Year 4 PV (M)	1,669.17	1,742.89	1,819.03
Year 5 PV (M)	1,550.21	1,636.26	1,726.09
PV of Terminal Value (M)	49,407.53	52,150.04	55,013.00
Equity Value (M)	58,328.88	61,353.47	64,506.44
Shares Outstanding (M)	702.16	702.16	702.16
Fair Value	$83.07	$87.38	$91.87
Upside / Downside	-33.33%	-29.87%	-26.27%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
0J5I.L	Hilton Worldwide Holdings Inc.	0.21%	$0.60	8.71%
PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
0A7O.L	MicroStrategy Incorporated	0.12%	$0.19	0.73%
0KGS.L	Pegasystems Inc.	0.12%	$0.07	4.63%
PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
WDC	Western Digital Corporation	0.12%	$0.22	3.25%
GEV	GE Vernova Inc.	0.11%	$0.75	12.15%
MPLF.L	Marble Point Loan Financing Limited	0.11%	$0.07	92.98%
EPAC	Enerpac Tool Group Corp.	0.10%	$0.04	2.34%
GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
TXT	Textron Inc.	0.10%	$0.08	1.79%

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Svenska Cellulosa Aktiebolaget SCA (publ) (SCA-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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