DDM Analysis: STEF-B.ST

Valuation Snapshot

Stable Growth	$125.13 - $226.94	$167.52
Multi-Stage	$188.49 - $207.23	$197.68
Blended Fair Value	$182.60
Current Price	$196.50
Upside	-7.07%
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	0.44%	0.00%	1.48	1.90	1.87	1.67	1.74	1.45	1.90	1.61	0.71	0.00
YoY Growth	-	-	-22.03%	1.72%	11.54%	-3.70%	20.00%	-23.73%	18.00%	127.27%	0.00%	0.00%
Dividend Yield	-	-	0.78%	1.06%	1.08%	0.62%	1.11%	1.48%	1.69%	2.04%	1.08%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	275.00
(-) Cash Dividends Paid (M)	20.00
(=) Cash Retained (M)	255.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	55.00	34.38	20.63
Cash Retained (M)	255.00	255.00	255.00
(-) Cash Required (M)	-55.00	-34.38	-20.63
(=) Excess Retained (M)	200.00	220.63	234.38
(/) Shares Outstanding (M)	31.09	31.09	31.09
(=) Excess Retained per Share	6.43	7.10	7.54
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	6.43	7.10	7.54
(=) Adjusted Dividend	7.08	7.74	8.18
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	1.10%	2.10%	3.10%
Fair Value	$125.13	$167.52	$226.94
Upside / Downside	-36.32%	-14.75%	15.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	275.00	280.77	286.66	292.68	298.82	305.09	314.24
Payout Ratio	7.27%	23.82%	40.36%	56.91%	73.45%	90.00%	92.50%
Projected Dividends (M)	20.00	66.87	115.71	166.56	219.50	274.58	290.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	1.10%	2.10%	3.10%
Year 1 PV (M)	61.99	62.61	63.22
Year 2 PV (M)	99.44	101.41	103.41
Year 3 PV (M)	132.69	136.67	140.72
Year 4 PV (M)	162.10	168.61	175.32
Year 5 PV (M)	187.99	197.47	207.33
PV of Terminal Value (M)	5,215.98	5,479.10	5,752.73
Equity Value (M)	5,860.19	6,145.87	6,442.73
Shares Outstanding (M)	31.09	31.09	31.09
Fair Value	$188.49	$197.68	$207.23
Upside / Downside	-4.08%	0.60%	5.46%

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Stendörren Fastigheter AB (publ) (STEF-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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