DDM Analysis: AKVA.OL

Valuation Snapshot

Stable Growth	$68.65 - $126.28	$92.41
Multi-Stage	$100.88 - $110.81	$105.75
Blended Fair Value	$99.08
Current Price	$82.00
Upside	20.83%
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	1.00	0.91	0.96	1.60	1.22	0.89	0.53	0.71
YoY Growth	-	-	0.00%	-100.00%	10.37%	-5.72%	-39.88%	31.13%	37.38%	66.56%	-24.71%	-0.38%
Dividend Yield	-	-	0.00%	0.00%	1.70%	1.11%	1.05%	3.41%	1.81%	1.35%	0.80%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	171.36
(-) Cash Dividends Paid (M)	36.31
(=) Cash Retained (M)	135.05

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.27	21.42	12.85
Cash Retained (M)	135.05	135.05	135.05
(-) Cash Required (M)	-34.27	-21.42	-12.85
(=) Excess Retained (M)	100.78	113.63	122.20
(/) Shares Outstanding (M)	36.32	36.32	36.32
(=) Excess Retained per Share	2.77	3.13	3.36
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	2.77	3.13	3.36
(=) Adjusted Dividend	3.77	4.13	4.36
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	1.31%	2.31%	3.31%
Fair Value	$68.65	$92.41	$126.28
Upside / Downside	-16.28%	12.70%	54.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.36	175.32	179.38	183.53	187.77	192.11	197.87
Payout Ratio	21.19%	34.95%	48.71%	62.48%	76.24%	90.00%	92.50%
Projected Dividends (M)	36.31	61.28	87.38	114.66	143.15	172.90	183.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	1.31%	2.31%	3.31%
Year 1 PV (M)	56.77	57.33	57.89
Year 2 PV (M)	75.00	76.49	77.99
Year 3 PV (M)	91.18	93.90	96.68
Year 4 PV (M)	105.46	109.69	114.04
Year 5 PV (M)	118.01	123.95	130.13
PV of Terminal Value (M)	3,217.78	3,379.76	3,548.18
Equity Value (M)	3,664.21	3,841.13	4,024.93
Shares Outstanding (M)	36.32	36.32	36.32
Fair Value	$100.88	$105.75	$110.81
Upside / Downside	23.03%	28.97%	35.14%

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AKVA group ASA (AKVA.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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