DDM Analysis: ADVE.ST

Valuation Snapshot

Stable Growth	$3.80 - $5.48	$4.62
Multi-Stage	$6.13 - $6.74	$6.43
Blended Fair Value	$5.52
Current Price	$19.88
Upside	-72.23%
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	0.00%	0.00%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.43
(-) Cash Dividends Paid (M)	3.96
(=) Cash Retained (M)	19.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.69	2.93	1.76
Cash Retained (M)	19.47	19.47	19.47
(-) Cash Required (M)	-4.69	-2.93	-1.76
(=) Excess Retained (M)	14.78	16.54	17.71
(/) Shares Outstanding (M)	44.20	44.20	44.20
(=) Excess Retained per Share	0.33	0.37	0.40
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.33	0.37	0.40
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.80	$4.62	$5.48
Upside / Downside	-80.90%	-76.78%	-72.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.43	23.19	22.96	22.73	22.50	22.28	22.95
Payout Ratio	16.90%	31.52%	46.14%	60.76%	75.38%	90.00%	92.50%
Projected Dividends (M)	3.96	7.31	10.59	13.81	16.96	20.05	21.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.95%	8.95%	8.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	6.64	6.71	6.78
Year 2 PV (M)	8.75	8.93	9.11
Year 3 PV (M)	10.36	10.68	11.01
Year 4 PV (M)	11.56	12.04	12.54
Year 5 PV (M)	12.42	13.06	13.74
PV of Terminal Value (M)	221.10	232.61	244.60
Equity Value (M)	270.83	284.03	297.76
Shares Outstanding (M)	44.20	44.20	44.20
Fair Value	$6.13	$6.43	$6.74
Upside / Downside	-69.18%	-67.68%	-66.11%

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Advenica AB (publ) (ADVE.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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