DDM Analysis: AMBU-B.CO

Valuation Snapshot

Stable Growth	$12.82 - $19.80	$16.06
Multi-Stage	$17.55 - $19.24	$18.38
Blended Fair Value	$17.22
Current Price	$99.40
Upside	-82.68%
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	0.28	0.27	0.35	0.37	0.35	0.28	0.17	0.17
YoY Growth	-	-	0.00%	-100.00%	2.78%	-23.40%	-4.08%	6.52%	22.67%	63.04%	2.22%	200.00%
Dividend Yield	-	-	0.00%	0.00%	0.31%	0.16%	0.13%	0.33%	0.21%	0.26%	0.30%	0.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	359.00
(-) Cash Dividends Paid (M)	102.00
(=) Cash Retained (M)	257.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	71.80	44.88	26.93
Cash Retained (M)	257.00	257.00	257.00
(-) Cash Required (M)	-71.80	-44.88	-26.93
(=) Excess Retained (M)	185.20	212.13	230.08
(/) Shares Outstanding (M)	266.50	266.50	266.50
(=) Excess Retained per Share	0.69	0.80	0.86
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.69	0.80	0.86
(=) Adjusted Dividend	1.08	1.18	1.25
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	0.59%	1.59%	2.59%
Fair Value	$12.82	$16.06	$19.80
Upside / Downside	-87.10%	-83.84%	-80.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	359.00	364.72	370.52	376.42	382.42	388.51	400.16
Payout Ratio	28.41%	40.73%	53.05%	65.36%	77.68%	90.00%	92.50%
Projected Dividends (M)	102.00	148.55	196.55	246.05	297.07	349.66	370.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	0.59%	1.59%	2.59%
Year 1 PV (M)	134.88	136.22	137.56
Year 2 PV (M)	162.05	165.29	168.56
Year 3 PV (M)	184.20	189.75	195.41
Year 4 PV (M)	201.94	210.09	218.48
Year 5 PV (M)	215.82	226.76	238.14
PV of Terminal Value (M)	3,777.94	3,969.50	4,168.75
Equity Value (M)	4,676.83	4,897.61	5,126.90
Shares Outstanding (M)	266.50	266.50	266.50
Fair Value	$17.55	$18.38	$19.24
Upside / Downside	-82.35%	-81.51%	-80.65%

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Ambu A/S (AMBU-B.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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