DDM Analysis: SOAG.OL

Valuation Snapshot

Stable Growth	$2,731.19 - $9,878.22	$8,652.87
Multi-Stage	$1,259.28 - $1,377.31	$1,317.21
Blended Fair Value	$4,985.04
Current Price	$451.85
Upside	1,003.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.23%	24.04%	22.31	18.34	16.63	7.23	12.36	15.02	9.56	6.97	3.67	3.45
YoY Growth	-	-	21.61%	10.28%	130.11%	-41.51%	-17.71%	57.12%	37.16%	89.74%	6.49%	33.33%
Dividend Yield	-	-	5.34%	5.59%	5.26%	1.95%	4.32%	7.15%	4.35%	3.52%	2.14%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	639.00
(-) Cash Dividends Paid (M)	271.00
(=) Cash Retained (M)	368.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	127.80	79.88	47.93
Cash Retained (M)	368.00	368.00	368.00
(-) Cash Required (M)	-127.80	-79.88	-47.93
(=) Excess Retained (M)	240.20	288.13	320.08
(/) Shares Outstanding (M)	12.86	12.86	12.86
(=) Excess Retained per Share	18.67	22.40	24.88
LTM Dividend per Share	21.07	21.07	21.07
(+) Excess Retained per Share	18.67	22.40	24.88
(=) Adjusted Dividend	39.74	43.46	45.95
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2,731.19	$8,652.87	$9,878.22
Upside / Downside	504.45%	1,814.99%	2,086.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	639.00	680.54	724.77	771.88	822.05	875.49	901.75
Payout Ratio	42.41%	51.93%	61.45%	70.96%	80.48%	90.00%	92.50%
Projected Dividends (M)	271.00	353.39	445.34	547.76	661.60	787.94	834.12

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)	327.06	330.16	333.26
Year 2 PV (M)	381.46	388.73	396.06
Year 3 PV (M)	434.23	446.70	459.40
Year 4 PV (M)	485.41	504.08	523.28
Year 5 PV (M)	535.03	560.87	587.70
PV of Terminal Value (M)	14,037.14	14,715.14	15,419.08
Equity Value (M)	16,200.33	16,945.67	17,718.78
Shares Outstanding (M)	12.86	12.86	12.86
Fair Value	$1,259.28	$1,317.21	$1,377.31
Upside / Downside	178.69%	191.52%	204.82%

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603599.SS	Anhui Guangxin Agrochemical Co., Ltd.	2.43%	$0.28	35.02%
605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
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KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
OV8.SI	Sheng Siong Group Ltd	2.43%	$0.06	66.54%
VIL.PA	VIEL & Cie, S.A.	2.43%	$0.40	12.44%
002236.SZ	Zhejiang Dahua Technology Co., Ltd.	2.42%	$0.46	38.43%
006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
ZZ-B.ST	Zinzino AB (publ)	2.41%	$3.76	58.64%
002968.SZ	New Dazheng Property Group Co., Ltd.	2.40%	$0.29	59.28%
0NZN.L	Robertet S.A.	2.40%	$21.10	23.60%
4015.SR	Jamjoom Pharmaceuticals Factory Company	2.40%	$3.46	54.14%
7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
002158.SZ	Shanghai Hanbell Precise Machinery Co., Ltd.	2.39%	$0.60	60.14%
004690.KS	Samchully Co.,Ltd	2.39%	$3,000.02	10.30%
0GVS.L	Catena AB (publ)	2.39%	$8.76	32.84%
300577.SZ	Anhui Korrun Co., Ltd.	2.39%	$0.51	36.22%
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6780.TWO	Study King Co., Ltd.	2.39%	$0.80	89.60%
6804.T	Hosiden Corporation	2.39%	$59.44	25.81%
KBLM.JK	PT Kabelindo Murni Tbk	2.39%	$8.08	12.05%
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SpareBank 1 Østfold Akershus (SOAG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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