DDM Analysis: RING.OL

Valuation Snapshot

Stable Growth	$2,256.86 - $8,160.40	$7,153.75
Multi-Stage	$1,065.90 - $1,164.40	$1,114.25
Blended Fair Value	$4,134.00
Current Price	$398.00
Upside	938.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.63%	9.97%	20.39	13.36	16.47	11.59	13.55	10.77	10.49	10.29	7.09	9.16
YoY Growth	-	-	52.61%	-18.85%	42.08%	-14.49%	25.88%	2.66%	1.89%	45.20%	-22.65%	16.27%
Dividend Yield	-	-	5.42%	4.71%	5.15%	3.26%	5.42%	5.38%	5.30%	5.05%	3.75%	5.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	647.92
(-) Cash Dividends Paid (M)	482.00
(=) Cash Retained (M)	165.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.58	80.99	48.59
Cash Retained (M)	165.92	165.92	165.92
(-) Cash Required (M)	-129.58	-80.99	-48.59
(=) Excess Retained (M)	36.34	84.93	117.33
(/) Shares Outstanding (M)	15.79	15.79	15.79
(=) Excess Retained per Share	2.30	5.38	7.43
LTM Dividend per Share	30.52	30.52	30.52
(+) Excess Retained per Share	2.30	5.38	7.43
(=) Adjusted Dividend	32.83	35.90	37.96
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,256.86	$7,153.75	$8,160.40
Upside / Downside	467.05%	1,697.43%	1,950.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	647.92	690.04	734.89	782.66	833.53	887.71	914.34
Payout Ratio	74.39%	77.51%	80.63%	83.76%	86.88%	90.00%	92.50%
Projected Dividends (M)	482.00	534.87	592.58	655.53	724.16	798.94	845.77

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)	495.03	499.72	504.41
Year 2 PV (M)	507.58	517.25	527.01
Year 3 PV (M)	519.67	534.59	549.79
Year 4 PV (M)	531.31	551.74	572.76
Year 5 PV (M)	542.51	568.71	595.92
PV of Terminal Value (M)	14,234.91	14,922.46	15,636.32
Equity Value (M)	16,831.01	17,594.47	18,386.21
Shares Outstanding (M)	15.79	15.79	15.79
Fair Value	$1,065.90	$1,114.25	$1,164.40
Upside / Downside	167.82%	179.96%	192.56%

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SpareBank 1 Ringerike Hadeland (RING.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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