DDM Analysis: MSAB-B.ST

Valuation Snapshot

Stable Growth	$101.43 - $459.39	$233.43
Multi-Stage	$54.22 - $59.22	$56.68
Blended Fair Value	$145.05
Current Price	$58.80
Upside	146.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.37%	31.65%	1.51	1.51	0.00	2.01	0.00	2.21	2.20	2.20	2.20	0.98
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	0.49%	0.00%	0.00%	125.40%	912.30%
Dividend Yield	-	-	2.95%	2.90%	0.00%	3.38%	0.00%	11.07%	4.32%	3.09%	4.00%	1.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.40
(-) Cash Dividends Paid (M)	27.70
(=) Cash Retained (M)	14.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.48	5.30	3.18
Cash Retained (M)	14.70	14.70	14.70
(-) Cash Required (M)	-8.48	-5.30	-3.18
(=) Excess Retained (M)	6.22	9.40	11.52
(/) Shares Outstanding (M)	18.36	18.36	18.36
(=) Excess Retained per Share	0.34	0.51	0.63
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	0.34	0.51	0.63
(=) Adjusted Dividend	1.85	2.02	2.14
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.43	$233.43	$459.39
Upside / Downside	72.50%	296.99%	681.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.40	45.16	48.09	51.22	54.55	58.09	59.83
Payout Ratio	65.33%	70.26%	75.20%	80.13%	85.07%	90.00%	92.50%
Projected Dividends (M)	27.70	31.73	36.16	41.04	46.40	52.28	55.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.26	29.54	29.81
Year 2 PV (M)	30.75	31.34	31.93
Year 3 PV (M)	32.18	33.11	34.05
Year 4 PV (M)	33.55	34.85	36.17
Year 5 PV (M)	34.87	36.55	38.30
PV of Terminal Value (M)	834.65	874.96	916.82
Equity Value (M)	995.27	1,040.34	1,087.08
Shares Outstanding (M)	18.36	18.36	18.36
Fair Value	$54.22	$56.68	$59.22
Upside / Downside	-7.79%	-3.61%	0.72%

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Micro Systemation AB (publ) (MSAB-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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