DDM Analysis: NMAN.ST

Valuation Snapshot

Stable Growth	$683.28 - $1,673.45	$1,568.27
Multi-Stage	$245.42 - $268.52	$256.76
Blended Fair Value	$912.51
Current Price	$160.80
Upside	467.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.44%	11.50%	3.94	3.74	3.49	1.00	0.00	2.29	1.99	1.83	1.66	1.33
YoY Growth	-	-	5.40%	7.17%	249.86%	0.00%	-100.00%	14.96%	9.18%	10.10%	25.05%	0.00%
Dividend Yield	-	-	1.88%	2.12%	2.06%	0.52%	0.00%	2.16%	1.77%	2.27%	2.15%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	296.10
(-) Cash Dividends Paid (M)	140.50
(=) Cash Retained (M)	155.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.22	37.01	22.21
Cash Retained (M)	155.60	155.60	155.60
(-) Cash Required (M)	-59.22	-37.01	-22.21
(=) Excess Retained (M)	96.38	118.59	133.39
(/) Shares Outstanding (M)	35.19	35.19	35.19
(=) Excess Retained per Share	2.74	3.37	3.79
LTM Dividend per Share	3.99	3.99	3.99
(+) Excess Retained per Share	2.74	3.37	3.79
(=) Adjusted Dividend	6.73	7.36	7.78
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$683.28	$1,568.27	$1,673.45
Upside / Downside	324.93%	875.29%	940.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	296.10	315.35	335.84	357.67	380.92	405.68	417.85
Payout Ratio	47.45%	55.96%	64.47%	72.98%	81.49%	90.00%	92.50%
Projected Dividends (M)	140.50	176.47	216.52	261.03	310.41	365.11	386.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	164.08	165.64	167.19
Year 2 PV (M)	187.19	190.75	194.35
Year 3 PV (M)	209.83	215.85	221.99
Year 4 PV (M)	232.01	240.94	250.11
Year 5 PV (M)	253.74	266.00	278.72
PV of Terminal Value (M)	7,589.29	7,955.86	8,336.45
Equity Value (M)	8,636.15	9,035.04	9,448.83
Shares Outstanding (M)	35.19	35.19	35.19
Fair Value	$245.42	$256.76	$268.52
Upside / Downside	52.63%	59.68%	66.99%

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Nederman Holding AB (publ) (NMAN.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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