DDM Analysis: FROY.OL

Valuation Snapshot

Stable Growth	$26.80 - $41.65	$33.66
Multi-Stage	$61.45 - $67.71	$64.52
Blended Fair Value	$49.09
Current Price	$75.40
Upside	-34.89%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019
DPS	0.00%	0.00%	1.49	0.35	0.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	331.74%	-35.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.29%	0.71%	0.87%	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)	246.51
(-) Cash Dividends Paid (M)	64.82
(=) Cash Retained (M)	181.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.30	30.81	18.49
Cash Retained (M)	181.69	181.69	181.69
(-) Cash Required (M)	-49.30	-30.81	-18.49
(=) Excess Retained (M)	132.38	150.87	163.20
(/) Shares Outstanding (M)	86.79	86.79	86.79
(=) Excess Retained per Share	1.53	1.74	1.88
LTM Dividend per Share	0.75	0.75	0.75
(+) Excess Retained per Share	1.53	1.74	1.88
(=) Adjusted Dividend	2.27	2.49	2.63
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.80	$33.66	$41.65
Upside / Downside	-64.45%	-55.35%	-44.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	246.51	244.04	241.60	239.19	236.80	234.43	241.46
Payout Ratio	26.30%	39.04%	51.78%	64.52%	77.26%	90.00%	92.50%
Projected Dividends (M)	64.82	95.27	125.10	154.32	182.95	210.98	223.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	88.71	89.61	90.52
Year 2 PV (M)	108.47	110.69	112.94
Year 3 PV (M)	124.59	128.45	132.38
Year 4 PV (M)	137.54	143.24	149.11
Year 5 PV (M)	147.70	155.39	163.39
PV of Terminal Value (M)	4,726.00	4,972.09	5,228.33
Equity Value (M)	5,333.00	5,599.47	5,876.68
Shares Outstanding (M)	86.79	86.79	86.79
Fair Value	$61.45	$64.52	$67.71
Upside / Downside	-18.51%	-14.44%	-10.20%

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Frøy ASA (FROY.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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