DDM Analysis: 0R86.L

Valuation Snapshot

Stable Growth	$128.19 - $469.78	$214.20
Multi-Stage	$83.40 - $91.05	$87.15
Blended Fair Value	$150.68
Current Price	$315.00
Upside	-52.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.93%	0.00%	1.27	0.67	0.67	0.66	0.80	0.66	0.57	0.46	0.00	0.00
YoY Growth	-	-	88.25%	0.96%	0.97%	-17.60%	21.36%	16.60%	22.12%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.33%	0.28%	0.31%	0.38%	0.38%	0.63%	0.87%	0.75%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	209.40
(-) Cash Dividends Paid (M)	104.90
(=) Cash Retained (M)	104.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.88	26.18	15.71
Cash Retained (M)	104.50	104.50	104.50
(-) Cash Required (M)	-41.88	-26.18	-15.71
(=) Excess Retained (M)	62.62	78.33	88.80
(/) Shares Outstanding (M)	46.78	46.78	46.78
(=) Excess Retained per Share	1.34	1.67	1.90
LTM Dividend per Share	2.24	2.24	2.24
(+) Excess Retained per Share	1.34	1.67	1.90
(=) Adjusted Dividend	3.58	3.92	4.14
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$128.19	$214.20	$469.78
Upside / Downside	-59.31%	-32.00%	49.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	209.40	223.01	237.51	252.94	269.39	286.90	295.50
Payout Ratio	50.10%	58.08%	66.06%	74.04%	82.02%	90.00%	92.50%
Projected Dividends (M)	104.90	129.52	156.89	187.28	220.95	258.21	273.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	118.31	119.43	120.55
Year 2 PV (M)	130.91	133.40	135.92
Year 3 PV (M)	142.73	146.83	151.01
Year 4 PV (M)	153.82	159.74	165.82
Year 5 PV (M)	164.20	172.13	180.37
PV of Terminal Value (M)	3,190.91	3,345.03	3,505.05
Equity Value (M)	3,900.89	4,076.57	4,258.72
Shares Outstanding (M)	46.78	46.78	46.78
Fair Value	$83.40	$87.15	$91.05
Upside / Downside	-73.52%	-72.33%	-71.10%

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Invisio AB (publ) (0R86.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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