DDM Analysis: EPEN.ST

Valuation Snapshot

Stable Growth	$284.11 - $905.69	$848.76
Multi-Stage	$119.73 - $131.06	$125.29
Blended Fair Value	$487.03
Current Price	$120.40
Upside	304.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	15.14%	0.00%	0.95	0.48	0.47	0.00	0.00	0.47	0.00	0.00	0.79	0.00
YoY Growth	-	-	100.71%	0.24%	0.00%	0.00%	-100.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	0.43%	0.49%	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)	138.06
(-) Cash Dividends Paid (M)	36.31
(=) Cash Retained (M)	101.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.61	17.26	10.35
Cash Retained (M)	101.75	101.75	101.75
(-) Cash Required (M)	-27.61	-17.26	-10.35
(=) Excess Retained (M)	74.14	84.49	91.40
(/) Shares Outstanding (M)	30.32	30.32	30.32
(=) Excess Retained per Share	2.45	2.79	3.01
LTM Dividend per Share	1.20	1.20	1.20
(+) Excess Retained per Share	2.45	2.79	3.01
(=) Adjusted Dividend	3.64	3.98	4.21
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$284.11	$848.76	$905.69
Upside / Downside	135.97%	604.95%	652.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.06	147.04	156.59	166.77	177.61	189.16	194.83
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	36.31	57.40	81.09	107.60	137.22	170.24	180.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	53.22	53.72	54.23
Year 2 PV (M)	69.69	71.02	72.36
Year 3 PV (M)	85.74	88.20	90.71
Year 4 PV (M)	101.37	105.27	109.28
Year 5 PV (M)	116.59	122.22	128.07
PV of Terminal Value (M)	3,203.34	3,358.07	3,518.71
Equity Value (M)	3,629.95	3,798.49	3,973.34
Shares Outstanding (M)	30.32	30.32	30.32
Fair Value	$119.73	$125.29	$131.06
Upside / Downside	-0.55%	4.07%	8.86%

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Ependion AB (EPEN.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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