DDM Analysis: AWRD.ST

Valuation Snapshot

Stable Growth	$25.09 - $38.38	$31.30
Multi-Stage	$55.94 - $61.45	$58.64
Blended Fair Value	$44.97
Current Price	$126.00
Upside	-64.31%
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	7.02%	0.00%	2.30	2.25	0.00	1.30	0.43	1.64	1.27	1.25	1.10	0.92
YoY Growth	-	-	2.22%	0.00%	-100.00%	199.97%	-73.48%	29.10%	1.50%	14.00%	18.75%	0.00%
Dividend Yield	-	-	0.00%	1.67%	0.00%	0.52%	0.40%	2.78%	1.81%	2.88%	2.87%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.22
(-) Cash Dividends Paid (M)	19.92
(=) Cash Retained (M)	4.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.84	3.03	1.82
Cash Retained (M)	4.30	4.30	4.30
(-) Cash Required (M)	-4.84	-3.03	-1.82
(=) Excess Retained (M)	-0.55	1.27	2.48
(/) Shares Outstanding (M)	8.66	8.66	8.66
(=) Excess Retained per Share	-0.06	0.15	0.29
LTM Dividend per Share	2.30	2.30	2.30
(+) Excess Retained per Share	-0.06	0.15	0.29
(=) Adjusted Dividend	2.24	2.45	2.59
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.09	$31.30	$38.38
Upside / Downside	-80.09%	-75.16%	-69.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.22	23.97	23.73	23.50	23.26	23.03	23.72
Payout Ratio	82.26%	83.81%	85.36%	86.90%	88.45%	90.00%	92.50%
Projected Dividends (M)	19.92	20.09	20.26	20.42	20.58	20.73	21.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	18.63	18.82	19.01
Year 2 PV (M)	17.42	17.78	18.14
Year 3 PV (M)	16.29	16.79	17.31
Year 4 PV (M)	15.22	15.85	16.50
Year 5 PV (M)	14.22	14.96	15.73
PV of Terminal Value (M)	402.71	423.68	445.51
Equity Value (M)	484.50	507.89	532.21
Shares Outstanding (M)	8.66	8.66	8.66
Fair Value	$55.94	$58.64	$61.45
Upside / Downside	-55.60%	-53.46%	-51.23%

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Awardit AB (publ) (AWRD.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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