DDM Analysis: 0N2H.L

Valuation Snapshot

Stable Growth	$17.09 - $27.17	$21.68
Multi-Stage	$43.56 - $48.07	$45.77
Blended Fair Value	$33.73
Current Price	$15.36
Upside	119.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.01
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-33.33%	50.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.06%	0.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	821.00
(-) Cash Dividends Paid (M)	47.00
(=) Cash Retained (M)	774.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164.20	102.63	61.58
Cash Retained (M)	774.00	774.00	774.00
(-) Cash Required (M)	-164.20	-102.63	-61.58
(=) Excess Retained (M)	609.80	671.38	712.43
(/) Shares Outstanding (M)	485.49	485.49	485.49
(=) Excess Retained per Share	1.26	1.38	1.47
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	1.26	1.38	1.47
(=) Adjusted Dividend	1.35	1.48	1.56
WACC / Discount Rate	5.76%	5.76%	5.76%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$17.09	$21.68	$27.17
Upside / Downside	11.27%	41.14%	76.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	821.00	812.79	804.66	796.62	788.65	780.76	804.19
Payout Ratio	5.72%	22.58%	39.43%	56.29%	73.14%	90.00%	92.50%
Projected Dividends (M)	47.00	183.53	317.32	448.41	576.86	702.69	743.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.76%	5.76%	5.76%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	171.78	173.54	175.29
Year 2 PV (M)	278.01	283.71	289.47
Year 3 PV (M)	367.72	379.10	390.70
Year 4 PV (M)	442.78	461.13	480.05
Year 5 PV (M)	504.85	531.14	558.52
PV of Terminal Value (M)	19,383.39	20,392.73	21,443.68
Equity Value (M)	21,148.54	22,221.34	23,337.70
Shares Outstanding (M)	485.49	485.49	485.49
Fair Value	$43.56	$45.77	$48.07
Upside / Downside	183.60%	197.99%	212.96%

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Logistea AB (publ) (0N2H.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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