DDM Analysis: 0RH9.L

Valuation Snapshot

Stable Growth	$160.16 - $418.65	$243.81
Multi-Stage	$197.72 - $216.67	$207.02
Blended Fair Value	$225.42
Current Price	$170.20
Upside	32.44%
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	4.67%	0.00%	4.99	6.95	5.96	9.93	0.00	3.97	3.75	3.75	0.96	0.00
YoY Growth	-	-	-28.27%	16.67%	-40.00%	0.00%	-100.00%	5.76%	0.00%	292.61%	0.00%	0.00%
Dividend Yield	-	-	2.93%	4.25%	3.66%	5.86%	0.00%	5.29%	4.51%	5.23%	1.06%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	170.90
(-) Cash Dividends Paid (M)	121.13
(=) Cash Retained (M)	49.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.18	21.36	12.82
Cash Retained (M)	49.77	49.77	49.77
(-) Cash Required (M)	-34.18	-21.36	-12.82
(=) Excess Retained (M)	15.59	28.41	36.95
(/) Shares Outstanding (M)	24.06	24.06	24.06
(=) Excess Retained per Share	0.65	1.18	1.54
LTM Dividend per Share	5.03	5.03	5.03
(+) Excess Retained per Share	0.65	1.18	1.54
(=) Adjusted Dividend	5.68	6.21	6.57
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.67%	3.67%	4.67%
Fair Value	$160.16	$243.81	$418.65
Upside / Downside	-5.90%	43.25%	145.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	170.90	177.18	183.69	190.43	197.43	204.68	210.82
Payout Ratio	70.88%	74.70%	78.53%	82.35%	86.18%	90.00%	92.50%
Projected Dividends (M)	121.13	132.36	144.24	156.82	170.13	184.21	195.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	2.67%	3.67%	4.67%
Year 1 PV (M)	123.29	124.49	125.69
Year 2 PV (M)	125.16	127.61	130.09
Year 3 PV (M)	126.76	130.50	134.32
Year 4 PV (M)	128.10	133.17	138.38
Year 5 PV (M)	129.20	135.62	142.29
PV of Terminal Value (M)	4,124.90	4,329.73	4,542.61
Equity Value (M)	4,757.43	4,981.13	5,213.38
Shares Outstanding (M)	24.06	24.06	24.06
Fair Value	$197.72	$207.02	$216.67
Upside / Downside	16.17%	21.63%	27.31%

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Nordic Waterproofing Holding AB (publ) (0RH9.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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