DDM Analysis: CAMBI.OL

Valuation Snapshot

Stable Growth	$9.03 - $13.86	$11.29
Multi-Stage	$19.49 - $21.46	$20.46
Blended Fair Value	$15.87
Current Price	$19.30
Upside	-17.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	151.19%	0.00%	1.00	0.75	0.00	0.00	0.00	0.01	0.08	0.06	0.00	0.00
YoY Growth	-	-	33.44%	0.00%	0.00%	0.00%	-100.00%	-87.43%	28.21%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.92%	4.67%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	159.80
(-) Cash Dividends Paid (M)	48.00
(=) Cash Retained (M)	111.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.96	19.98	11.99
Cash Retained (M)	111.80	111.80	111.80
(-) Cash Required (M)	-31.96	-19.98	-11.99
(=) Excess Retained (M)	79.84	91.83	99.82
(/) Shares Outstanding (M)	160.03	160.03	160.03
(=) Excess Retained per Share	0.50	0.57	0.62
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.50	0.57	0.62
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$9.03	$11.29	$13.86
Upside / Downside	-53.19%	-41.53%	-28.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	159.80	158.20	156.62	155.05	153.50	151.97	156.53
Payout Ratio	30.04%	42.03%	54.02%	66.02%	78.01%	90.00%	92.50%
Projected Dividends (M)	48.00	66.49	84.61	102.36	119.74	136.77	144.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.67%	6.67%	6.67%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	61.71	62.34	62.97
Year 2 PV (M)	72.87	74.37	75.88
Year 3 PV (M)	81.81	84.34	86.93
Year 4 PV (M)	88.82	92.50	96.30
Year 5 PV (M)	94.15	99.06	104.16
PV of Terminal Value (M)	2,719.36	2,860.97	3,008.41
Equity Value (M)	3,118.73	3,273.58	3,434.64
Shares Outstanding (M)	160.03	160.03	160.03
Fair Value	$19.49	$20.46	$21.46
Upside / Downside	0.98%	5.99%	11.21%

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Cambi ASA (CAMBI.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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