DDM Analysis: NREST.ST

Valuation Snapshot

Stable Growth	$71.24 - $100.95	$85.90
Multi-Stage	$111.09 - $121.72	$116.30
Blended Fair Value	$101.10
Current Price	$205.00
Upside	-50.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	7.06	1.55	1.55	0.21	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	356.45%	0.00%	624.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.22%	1.34%	1.34%	0.00%	0.00%	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)	140.31
(-) Cash Dividends Paid (M)	63.63
(=) Cash Retained (M)	76.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.06	17.54	10.52
Cash Retained (M)	76.68	76.68	76.68
(-) Cash Required (M)	-28.06	-17.54	-10.52
(=) Excess Retained (M)	48.62	59.14	66.16
(/) Shares Outstanding (M)	12.93	12.93	12.93
(=) Excess Retained per Share	3.76	4.57	5.12
LTM Dividend per Share	4.92	4.92	4.92
(+) Excess Retained per Share	3.76	4.57	5.12
(=) Adjusted Dividend	8.68	9.50	10.04
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$71.24	$85.90	$100.95
Upside / Downside	-65.25%	-58.10%	-50.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	140.31	138.91	137.52	136.14	134.78	133.44	137.44
Payout Ratio	45.35%	54.28%	63.21%	72.14%	81.07%	90.00%	92.50%
Projected Dividends (M)	63.63	75.40	86.93	98.21	109.27	120.09	127.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.94%	9.94%	9.94%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	67.89	68.58	69.27
Year 2 PV (M)	70.47	71.91	73.37
Year 3 PV (M)	71.69	73.90	76.16
Year 4 PV (M)	71.81	74.78	77.85
Year 5 PV (M)	71.06	74.76	78.61
PV of Terminal Value (M)	1,083.28	1,139.69	1,198.42
Equity Value (M)	1,436.18	1,503.62	1,573.69
Shares Outstanding (M)	12.93	12.93	12.93
Fair Value	$111.09	$116.30	$121.72
Upside / Downside	-45.81%	-43.27%	-40.62%

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Financial Statements

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Nordrest Holding AB (publ) (NREST.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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