DDM Analysis: HOFI.ST

Valuation Snapshot

Stable Growth	$632.59 - $2,283.97	$2,010.70
Multi-Stage	$287.59 - $314.75	$300.92
Blended Fair Value	$1,155.81
Current Price	$99.50
Upside	1,061.62%
Decision	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	0.00	0.00	0.69	0.71	0.00	1.20	0.67	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-3.23%	0.00%	-100.00%	77.93%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	1.80%	2.88%	0.00%	1.56%	0.86%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,004.00
(-) Cash Dividends Paid (M)	256.00
(=) Cash Retained (M)	748.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	200.80	125.50	75.30
Cash Retained (M)	748.00	748.00	748.00
(-) Cash Required (M)	-200.80	-125.50	-75.30
(=) Excess Retained (M)	547.20	622.50	672.70
(/) Shares Outstanding (M)	87.42	87.42	87.42
(=) Excess Retained per Share	6.26	7.12	7.69
LTM Dividend per Share	2.93	2.93	2.93
(+) Excess Retained per Share	6.26	7.12	7.69
(=) Adjusted Dividend	9.19	10.05	10.62
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$632.59	$2,010.70	$2,283.97
Upside / Downside	535.77%	1,920.81%	2,195.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,004.00	1,069.26	1,138.76	1,212.78	1,291.61	1,375.57	1,416.83
Payout Ratio	25.50%	38.40%	51.30%	64.20%	77.10%	90.00%	92.50%
Projected Dividends (M)	256.00	410.58	584.17	778.60	995.83	1,238.01	1,310.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	380.00	383.60	387.20
Year 2 PV (M)	500.40	509.93	519.55
Year 3 PV (M)	617.27	634.99	653.05
Year 4 PV (M)	730.70	758.80	787.70
Year 5 PV (M)	840.75	881.36	923.52
PV of Terminal Value (M)	22,072.61	23,138.72	24,245.64
Equity Value (M)	25,141.72	26,307.40	27,516.66
Shares Outstanding (M)	87.42	87.42	87.42
Fair Value	$287.59	$300.92	$314.75
Upside / Downside	189.03%	202.43%	216.34%

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Hoist Finance AB (publ) (HOFI.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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