DDM Analysis: MING.OL

Valuation Snapshot

Stable Growth	$1,728.60 - $6,250.11	$5,479.60
Multi-Stage	$796.77 - $871.45	$833.43
Blended Fair Value	$3,156.51
Current Price	$193.94
Upside	1,527.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.22%	22.52%	12.00	5.83	6.73	3.95	4.49	4.58	3.96	2.70	2.02	2.02
YoY Growth	-	-	105.95%	-13.40%	70.47%	-12.06%	-2.12%	15.76%	46.41%	33.56%	0.00%	28.63%
Dividend Yield	-	-	6.56%	4.22%	5.44%	2.79%	4.18%	6.78%	4.47%	3.37%	3.04%	3.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,532.00
(-) Cash Dividends Paid (M)	1,915.00
(=) Cash Retained (M)	2,617.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	906.40	566.50	339.90
Cash Retained (M)	2,617.00	2,617.00	2,617.00
(-) Cash Required (M)	-906.40	-566.50	-339.90
(=) Excess Retained (M)	1,710.60	2,050.50	2,277.10
(/) Shares Outstanding (M)	144.21	144.21	144.21
(=) Excess Retained per Share	11.86	14.22	15.79
LTM Dividend per Share	13.28	13.28	13.28
(+) Excess Retained per Share	11.86	14.22	15.79
(=) Adjusted Dividend	25.14	27.50	29.07
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,728.60	$5,479.60	$6,250.11
Upside / Downside	791.31%	2,725.41%	3,122.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,532.00	4,826.58	5,140.31	5,474.43	5,830.27	6,209.23	6,395.51
Payout Ratio	42.26%	51.80%	61.35%	70.90%	80.45%	90.00%	92.50%
Projected Dividends (M)	1,915.00	2,500.36	3,153.74	3,881.48	4,690.51	5,588.31	5,915.85

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)	2,314.10	2,336.04	2,357.97
Year 2 PV (M)	2,701.37	2,752.82	2,804.76
Year 3 PV (M)	3,077.05	3,165.38	3,255.39
Year 4 PV (M)	3,441.41	3,573.76	3,709.89
Year 5 PV (M)	3,794.69	3,977.98	4,168.28
PV of Terminal Value (M)	99,569.76	104,379.02	109,372.34
Equity Value (M)	114,898.39	120,185.00	125,668.62
Shares Outstanding (M)	144.21	144.21	144.21
Fair Value	$796.77	$833.43	$871.45
Upside / Downside	310.83%	329.73%	349.34%

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SpareBank 1 SMN (MING.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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