DDM Analysis: 0QRA.L

Valuation Snapshot

Stable Growth	$524.38 - $617.81	$578.98
Multi-Stage	$132.52 - $145.21	$138.75
Blended Fair Value	$358.86
Current Price	$87.76
Upside	308.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.99%	0.00%	0.99	0.95	0.74	0.54	0.00	0.49	0.45	0.40	0.34	0.30
YoY Growth	-	-	5.00%	28.57%	35.92%	0.00%	-100.00%	10.59%	11.84%	16.92%	14.04%	0.00%
Dividend Yield	-	-	1.24%	1.10%	1.33%	0.80%	0.00%	3.53%	2.28%	1.89%	1.73%	2.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	591.00
(-) Cash Dividends Paid (M)	199.00
(=) Cash Retained (M)	392.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.20	73.88	44.33
Cash Retained (M)	392.00	392.00	392.00
(-) Cash Required (M)	-118.20	-73.88	-44.33
(=) Excess Retained (M)	273.80	318.13	347.68
(/) Shares Outstanding (M)	190.24	190.24	190.24
(=) Excess Retained per Share	1.44	1.67	1.83
LTM Dividend per Share	1.05	1.05	1.05
(+) Excess Retained per Share	1.44	1.67	1.83
(=) Adjusted Dividend	2.49	2.72	2.87
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$524.38	$578.98	$617.81
Upside / Downside	497.52%	559.73%	603.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	591.00	629.42	670.33	713.90	760.30	809.72	834.01
Payout Ratio	33.67%	44.94%	56.20%	67.47%	78.73%	90.00%	92.50%
Projected Dividends (M)	199.00	282.84	376.74	481.66	598.62	728.75	771.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.75	268.27	270.79
Year 2 PV (M)	332.58	338.91	345.31
Year 3 PV (M)	399.50	410.96	422.65
Year 4 PV (M)	466.50	484.44	502.89
Year 5 PV (M)	533.58	559.36	586.11
PV of Terminal Value (M)	23,213.06	24,334.26	25,498.38
Equity Value (M)	25,210.97	26,396.20	27,626.12
Shares Outstanding (M)	190.24	190.24	190.24
Fair Value	$132.52	$138.75	$145.21
Upside / Downside	51.00%	58.10%	65.47%

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Bufab AB (publ) (0QRA.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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