DDM Analysis: DAB.CO

Valuation Snapshot

Stable Growth	$8.64 - $12.44	$10.49
Multi-Stage	$12.43 - $13.62	$13.01
Blended Fair Value	$11.75
Current Price	$15.00
Upside	-21.64%
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	0.00%	0.00%	0.39	0.19	0.25	0.12	0.45	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	104.82%	-24.05%	107.24%	-73.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.65%	1.70%	2.45%	1.13%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	257.35
(-) Cash Dividends Paid (M)	97.39
(=) Cash Retained (M)	159.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.47	32.17	19.30
Cash Retained (M)	159.95	159.95	159.95
(-) Cash Required (M)	-51.47	-32.17	-19.30
(=) Excess Retained (M)	108.48	127.78	140.65
(/) Shares Outstanding (M)	213.35	213.35	213.35
(=) Excess Retained per Share	0.51	0.60	0.66
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.51	0.60	0.66
(=) Adjusted Dividend	0.96	1.06	1.12
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	-0.91%	0.09%	1.09%
Fair Value	$8.64	$10.49	$12.44
Upside / Downside	-42.39%	-30.04%	-17.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	257.35	257.57	257.80	258.03	258.26	258.49	266.24
Payout Ratio	37.84%	48.28%	58.71%	69.14%	79.57%	90.00%	92.50%
Projected Dividends (M)	97.39	124.35	151.35	178.40	205.49	232.64	246.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.15%	10.15%	10.15%
Growth Rate	-0.91%	0.09%	1.09%
Year 1 PV (M)	111.76	112.88	114.01
Year 2 PV (M)	122.25	124.73	127.24
Year 3 PV (M)	129.51	133.47	137.51
Year 4 PV (M)	134.08	139.57	145.23
Year 5 PV (M)	136.42	143.44	150.75
PV of Terminal Value (M)	2,018.50	2,122.43	2,230.60
Equity Value (M)	2,652.51	2,776.52	2,905.33
Shares Outstanding (M)	213.35	213.35	213.35
Fair Value	$12.43	$13.01	$13.62
Upside / Downside	-17.12%	-13.24%	-9.22%

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Financial Statements

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Danske Andelskassers Bank A/S (DAB.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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