DDM Analysis: HSPG.OL

Valuation Snapshot

Stable Growth	$891.74 - $1,387.56	$1,120.75
Multi-Stage	$1,678.30 - $1,848.28	$1,761.62
Blended Fair Value	$1,441.19
Current Price	$169.98
Upside	747.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.64%	-2.29%	7.00	7.00	7.00	7.00	5.00	8.00	7.50	5.00	5.00	10.42
YoY Growth	-	-	0.00%	0.00%	0.00%	39.97%	-37.49%	6.67%	50.01%	0.00%	-52.03%	18.09%
Dividend Yield	-	-	4.38%	5.43%	4.93%	4.17%	3.94%	6.78%	7.35%	5.00%	4.81%	9.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.20
(-) Cash Dividends Paid (M)	6.19
(=) Cash Retained (M)	58.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.84	8.02	4.81
Cash Retained (M)	58.01	58.01	58.01
(-) Cash Required (M)	-12.84	-8.02	-4.81
(=) Excess Retained (M)	45.17	49.98	53.19
(/) Shares Outstanding (M)	0.69	0.69	0.69
(=) Excess Retained per Share	65.66	72.66	77.32
LTM Dividend per Share	9.00	9.00	9.00
(+) Excess Retained per Share	65.66	72.66	77.32
(=) Adjusted Dividend	74.66	81.66	86.32
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.23%	-0.23%	0.77%
Fair Value	$891.74	$1,120.75	$1,387.56
Upside / Downside	424.61%	559.34%	716.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.20	64.05	63.90	63.75	63.60	63.45	65.35
Payout Ratio	9.64%	25.72%	41.79%	57.86%	73.93%	90.00%	92.50%
Projected Dividends (M)	6.19	16.47	26.70	36.88	47.02	57.10	60.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.23%	-0.23%	0.77%
Year 1 PV (M)	15.23	15.39	15.54
Year 2 PV (M)	22.84	23.31	23.78
Year 3 PV (M)	29.18	30.08	30.99
Year 4 PV (M)	34.41	35.82	37.28
Year 5 PV (M)	38.65	40.65	42.73
PV of Terminal Value (M)	1,014.19	1,066.58	1,121.12
Equity Value (M)	1,154.50	1,211.82	1,271.43
Shares Outstanding (M)	0.69	0.69	0.69
Fair Value	$1,678.30	$1,761.62	$1,848.28
Upside / Downside	887.35%	936.37%	987.35%

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Høland og Setskog Sparebank (HSPG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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