DDM Analysis: GOFORE.HE

Valuation Snapshot

Stable Growth	$36.77 - $114.80	$107.59
Multi-Stage	$15.94 - $17.41	$16.66
Blended Fair Value	$62.13
Current Price	$17.90
Upside	247.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.11%	33.06%	0.47	0.34	0.28	0.22	0.18	0.16	0.12	0.07	0.03	0.03
YoY Growth	-	-	39.11%	22.75%	27.60%	20.42%	12.22%	28.51%	84.70%	99.17%	25.00%	0.00%
Dividend Yield	-	-	2.33%	1.53%	1.09%	0.98%	0.83%	2.64%	1.71%	0.75%	0.50%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.02
(-) Cash Dividends Paid (M)	7.55
(=) Cash Retained (M)	1.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.80	1.13	0.68
Cash Retained (M)	1.46	1.46	1.46
(-) Cash Required (M)	-1.80	-1.13	-0.68
(=) Excess Retained (M)	-0.34	0.34	0.79
(/) Shares Outstanding (M)	15.62	15.62	15.62
(=) Excess Retained per Share	-0.02	0.02	0.05
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	-0.02	0.02	0.05
(=) Adjusted Dividend	0.46	0.51	0.53
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.77	$107.59	$114.80
Upside / Downside	105.44%	501.05%	541.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.02	9.60	10.23	10.89	11.60	12.36	12.73
Payout Ratio	83.77%	85.01%	86.26%	87.51%	88.75%	90.00%	92.50%
Projected Dividends (M)	7.55	8.16	8.82	9.53	10.30	11.12	11.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7.57	7.64	7.71
Year 2 PV (M)	7.59	7.73	7.88
Year 3 PV (M)	7.60	7.82	8.04
Year 4 PV (M)	7.61	7.91	8.21
Year 5 PV (M)	7.63	7.99	8.38
PV of Terminal Value (M)	211.04	221.24	231.82
Equity Value (M)	249.04	260.33	272.04
Shares Outstanding (M)	15.62	15.62	15.62
Fair Value	$15.94	$16.66	$17.41
Upside / Downside	-10.94%	-6.90%	-2.72%

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Gofore Oyj (GOFORE.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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