DDM Analysis: TOTG.OL

Valuation Snapshot

Stable Growth	$1,994.90 - $7,212.98	$6,323.77
Multi-Stage	$951.19 - $1,038.59	$994.10
Blended Fair Value	$3,658.93
Current Price	$256.45
Upside	1,326.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	7.84%	19.98%	14.08	12.30	8.90	9.39	9.95	9.65	6.65	6.65	5.65	2.83
YoY Growth	-	-	14.42%	38.15%	-5.18%	-5.58%	3.06%	45.06%	0.00%	17.69%	100.01%	24.13%
Dividend Yield	-	-	6.23%	5.91%	3.51%	5.98%	7.54%	7.98%	5.74%	6.65%	6.28%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.13
(-) Cash Dividends Paid (M)	193.69
(=) Cash Retained (M)	28.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.43	27.77	16.66
Cash Retained (M)	28.44	28.44	28.44
(-) Cash Required (M)	-44.43	-27.77	-16.66
(=) Excess Retained (M)	-15.98	0.68	11.78
(/) Shares Outstanding (M)	6.12	6.12	6.12
(=) Excess Retained per Share	-2.61	0.11	1.92
LTM Dividend per Share	31.62	31.62	31.62
(+) Excess Retained per Share	-2.61	0.11	1.92
(=) Adjusted Dividend	29.02	31.74	33.55
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,994.90	$6,323.77	$7,212.98
Upside / Downside	677.89%	2,365.89%	2,712.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.13	236.57	251.95	268.32	285.76	304.34	313.47
Payout Ratio	87.19%	87.76%	88.32%	88.88%	89.44%	90.00%	92.50%
Projected Dividends (M)	193.69	207.60	222.51	238.48	255.58	273.90	289.96

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)	192.14	193.96	195.78
Year 2 PV (M)	190.59	194.22	197.89
Year 3 PV (M)	189.05	194.48	200.01
Year 4 PV (M)	187.52	194.73	202.15
Year 5 PV (M)	185.99	194.98	204.30
PV of Terminal Value (M)	4,880.28	5,116.00	5,360.75
Equity Value (M)	5,825.58	6,088.38	6,360.88
Shares Outstanding (M)	6.12	6.12	6.12
Fair Value	$951.19	$994.10	$1,038.59
Upside / Downside	270.91%	287.64%	304.99%

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Totens Sparebank (TOTG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener