DDM Analysis: CLAS-B.ST

Valuation Snapshot

Stable Growth	$255.01 - $517.71	$356.35
Multi-Stage	$291.85 - $319.92	$305.62
Blended Fair Value	$330.99
Current Price	$341.00
Upside	-2.94%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-7.38%	-1.05%	4.22	1.49	12.91	6.21	6.20	6.20	6.19	6.19	5.67	5.19
YoY Growth	-	-	183.68%	-88.47%	108.03%	0.10%	0.00%	0.10%	0.03%	9.12%	9.27%	10.58%
Dividend Yield	-	-	1.24%	0.88%	15.06%	5.40%	7.02%	6.27%	7.13%	8.00%	3.42%	3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	944.00
(-) Cash Dividends Paid (M)	269.40
(=) Cash Retained (M)	674.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	188.80	118.00	70.80
Cash Retained (M)	674.60	674.60	674.60
(-) Cash Required (M)	-188.80	-118.00	-70.80
(=) Excess Retained (M)	485.80	556.60	603.80
(/) Shares Outstanding (M)	63.79	63.79	63.79
(=) Excess Retained per Share	7.62	8.73	9.47
LTM Dividend per Share	4.22	4.22	4.22
(+) Excess Retained per Share	7.62	8.73	9.47
(=) Adjusted Dividend	11.84	12.95	13.69
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	2.72%	3.72%	4.72%
Fair Value	$255.01	$356.35	$517.71
Upside / Downside	-25.22%	4.50%	51.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	944.00	979.13	1,015.57	1,053.37	1,092.57	1,133.23	1,167.23
Payout Ratio	28.54%	40.83%	53.12%	65.42%	77.71%	90.00%	92.50%
Projected Dividends (M)	269.40	399.78	539.50	689.06	849.01	1,019.91	1,079.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.49%	7.49%	7.49%
Growth Rate	2.72%	3.72%	4.72%
Year 1 PV (M)	368.34	371.93	375.51
Year 2 PV (M)	457.97	466.93	475.98
Year 3 PV (M)	538.92	554.82	571.02
Year 4 PV (M)	611.79	635.96	660.85
Year 5 PV (M)	677.13	710.74	745.67
PV of Terminal Value (M)	15,962.93	16,755.21	17,578.64
Equity Value (M)	18,617.09	19,495.58	20,407.66
Shares Outstanding (M)	63.79	63.79	63.79
Fair Value	$291.85	$305.62	$319.92
Upside / Downside	-14.41%	-10.38%	-6.18%

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Financial Statements

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Clas Ohlson AB (publ) (CLAS-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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