DDM Analysis: HANZA.ST

Valuation Snapshot

Stable Growth	$91.56 - $210.49	$133.67
Multi-Stage	$65.04 - $71.06	$68.00
Blended Fair Value	$100.84
Current Price	$101.40
Upside	-0.56%
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	46.52%	0.00%	1.15	0.64	0.40	0.20	0.00	0.17	0.00	0.00	0.00	0.00
YoY Growth	-	-	79.31%	61.11%	102.25%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.60%	0.96%	0.52%	0.44%	0.00%	1.56%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	201.00
(-) Cash Dividends Paid (M)	37.00
(=) Cash Retained (M)	164.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.20	25.13	15.08
Cash Retained (M)	164.00	164.00	164.00
(-) Cash Required (M)	-40.20	-25.13	-15.08
(=) Excess Retained (M)	123.80	138.88	148.93
(/) Shares Outstanding (M)	45.17	45.17	45.17
(=) Excess Retained per Share	2.74	3.07	3.30
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	2.74	3.07	3.30
(=) Adjusted Dividend	3.56	3.89	4.12
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.56	$133.67	$210.49
Upside / Downside	-9.71%	31.83%	107.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	201.00	214.07	227.98	242.80	258.58	275.39	283.65
Payout Ratio	18.41%	32.73%	47.04%	61.36%	75.68%	90.00%	92.50%
Projected Dividends (M)	37.00	70.06	107.25	148.99	195.70	247.85	262.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	63.32	63.92	64.52
Year 2 PV (M)	87.61	89.28	90.97
Year 3 PV (M)	110.00	113.16	116.38
Year 4 PV (M)	130.59	135.61	140.78
Year 5 PV (M)	149.49	156.71	164.20
PV of Terminal Value (M)	2,396.89	2,512.67	2,632.87
Equity Value (M)	2,937.91	3,071.35	3,209.72
Shares Outstanding (M)	45.17	45.17	45.17
Fair Value	$65.04	$68.00	$71.06
Upside / Downside	-35.85%	-32.94%	-29.92%

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Hanza AB (publ) (HANZA.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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