DDM Analysis: NDA-FI.HE

Valuation Snapshot

Stable Growth	$32.10 - $85.11	$49.08
Multi-Stage	$27.40 - $29.93	$28.64
Blended Fair Value	$38.86
Current Price	$12.61
Upside	208.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.91%	6.38%	0.92	0.82	0.76	0.91	0.00	0.80	0.78	0.75	0.74	0.71
YoY Growth	-	-	11.89%	8.32%	-16.82%	0.00%	-100.00%	1.49%	4.65%	1.59%	3.32%	44.23%
Dividend Yield	-	-	7.80%	7.73%	7.70%	9.71%	0.00%	15.51%	11.38%	8.70%	6.88%	8.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,850.00
(-) Cash Dividends Paid (M)	3,268.00
(=) Cash Retained (M)	1,582.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	970.00	606.25	363.75
Cash Retained (M)	1,582.00	1,582.00	1,582.00
(-) Cash Required (M)	-970.00	-606.25	-363.75
(=) Excess Retained (M)	612.00	975.75	1,218.25
(/) Shares Outstanding (M)	3,504.09	3,504.09	3,504.09
(=) Excess Retained per Share	0.17	0.28	0.35
LTM Dividend per Share	0.93	0.93	0.93
(+) Excess Retained per Share	0.17	0.28	0.35
(=) Adjusted Dividend	1.11	1.21	1.28
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	4.38%	5.38%	6.38%
Fair Value	$32.10	$49.08	$85.11
Upside / Downside	154.58%	289.22%	574.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,850.00	5,110.86	5,385.74	5,675.41	5,980.66	6,302.33	6,491.40
Payout Ratio	67.38%	71.91%	76.43%	80.95%	85.48%	90.00%	92.50%
Projected Dividends (M)	3,268.00	3,674.97	4,116.26	4,594.39	5,112.05	5,672.09	6,004.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	4.38%	5.38%	6.38%
Year 1 PV (M)	3,371.12	3,403.42	3,435.72
Year 2 PV (M)	3,463.73	3,530.42	3,597.74
Year 3 PV (M)	3,546.42	3,649.33	3,754.21
Year 4 PV (M)	3,619.74	3,760.47	3,905.25
Year 5 PV (M)	3,684.24	3,864.13	4,050.99
PV of Terminal Value (M)	78,336.55	82,161.66	86,134.77
Equity Value (M)	96,021.80	100,369.43	104,878.68
Shares Outstanding (M)	3,504.09	3,504.09	3,504.09
Fair Value	$27.40	$28.64	$29.93
Upside / Downside	117.31%	127.15%	137.35%

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Nordea Bank Abp (NDA-FI.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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