DDM Analysis: LIFCO-B.ST

Valuation Snapshot

Stable Growth	$154.38 - $340.84	$222.29
Multi-Stage	$114.08 - $124.46	$119.18
Blended Fair Value	$170.73
Current Price	$317.80
Upside	-46.28%
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	14.25%	24.23%	2.10	2.14	1.87	1.20	1.05	1.08	0.84	0.74	0.63	0.55
YoY Growth	-	-	-1.95%	14.74%	55.60%	14.26%	-2.65%	27.94%	13.65%	18.25%	13.10%	131.19%
Dividend Yield	-	-	0.59%	0.75%	0.84%	0.50%	0.65%	1.48%	1.08%	1.16%	1.32%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,563.00
(-) Cash Dividends Paid (M)	1,365.00
(=) Cash Retained (M)	2,198.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	712.60	445.38	267.23
Cash Retained (M)	2,198.00	2,198.00	2,198.00
(-) Cash Required (M)	-712.60	-445.38	-267.23
(=) Excess Retained (M)	1,485.40	1,752.63	1,930.78
(/) Shares Outstanding (M)	454.23	454.23	454.23
(=) Excess Retained per Share	3.27	3.86	4.25
LTM Dividend per Share	3.01	3.01	3.01
(+) Excess Retained per Share	3.27	3.86	4.25
(=) Adjusted Dividend	6.28	6.86	7.26
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.38	$222.29	$340.84
Upside / Downside	-51.42%	-30.06%	7.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,563.00	3,794.60	4,041.24	4,303.92	4,583.68	4,881.62	5,028.07
Payout Ratio	38.31%	48.65%	58.99%	69.32%	79.66%	90.00%	92.50%
Projected Dividends (M)	1,365.00	1,846.01	2,383.78	2,983.66	3,651.45	4,393.46	4,650.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,665.63	1,681.42	1,697.21
Year 2 PV (M)	1,940.70	1,977.66	2,014.98
Year 3 PV (M)	2,191.74	2,254.65	2,318.76
Year 4 PV (M)	2,420.20	2,513.27	2,609.01
Year 5 PV (M)	2,627.47	2,754.38	2,886.14
PV of Terminal Value (M)	40,973.62	42,952.66	45,007.45
Equity Value (M)	51,819.36	54,134.05	56,533.54
Shares Outstanding (M)	454.23	454.23	454.23
Fair Value	$114.08	$119.18	$124.46
Upside / Downside	-64.10%	-62.50%	-60.84%

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ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
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Lifco AB (publ) (LIFCO-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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