DDM Analysis: MELG.OL

Valuation Snapshot

Stable Growth	$2,928.13 - $10,587.26	$9,282.07
Multi-Stage	$1,332.19 - $1,458.04	$1,393.96
Blended Fair Value	$5,338.02
Current Price	$168.98
Upside	3,058.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.79%	10.33%	12.50	11.00	10.50	7.00	10.00	9.00	8.50	7.06	4.68	4.95
YoY Growth	-	-	13.64%	4.76%	49.99%	-30.00%	11.11%	5.88%	20.39%	50.99%	-5.55%	5.88%
Dividend Yield	-	-	7.49%	7.01%	6.73%	4.24%	6.94%	7.09%	6.91%	5.98%	4.08%	4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.79
(-) Cash Dividends Paid (M)	37.48
(=) Cash Retained (M)	110.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.56	18.47	11.08
Cash Retained (M)	110.31	110.31	110.31
(-) Cash Required (M)	-29.56	-18.47	-11.08
(=) Excess Retained (M)	80.75	91.84	99.22
(/) Shares Outstanding (M)	2.78	2.78	2.78
(=) Excess Retained per Share	29.09	33.08	35.74
LTM Dividend per Share	13.50	13.50	13.50
(+) Excess Retained per Share	29.09	33.08	35.74
(=) Adjusted Dividend	42.59	46.58	49.24
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,928.13	$9,282.07	$10,587.26
Upside / Downside	1,632.83%	5,393.00%	6,165.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.79	157.39	167.62	178.52	190.12	202.48	208.56
Payout Ratio	25.36%	38.29%	51.22%	64.14%	77.07%	90.00%	92.50%
Projected Dividends (M)	37.48	60.26	85.85	114.51	146.53	182.23	192.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.77	56.30	56.83
Year 2 PV (M)	73.54	74.94	76.35
Year 3 PV (M)	90.78	93.38	96.04
Year 4 PV (M)	107.51	111.65	115.90
Year 5 PV (M)	123.74	129.72	135.93
PV of Terminal Value (M)	3,246.96	3,403.79	3,566.62
Equity Value (M)	3,698.30	3,869.78	4,047.67
Shares Outstanding (M)	2.78	2.78	2.78
Fair Value	$1,332.19	$1,393.96	$1,458.04
Upside / Downside	688.37%	724.93%	762.85%

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Melhus Sparebank (MELG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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