DDM Analysis: NRDF.CO

Valuation Snapshot

Stable Growth	$774.86 - $2,801.77	$2,456.15
Multi-Stage	$371.40 - $405.42	$388.10
Blended Fair Value	$1,422.13
Current Price	$605.00
Upside	135.06%
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%	23.92%	17.34	0.00	0.00	0.00	0.00	0.00	3.05	3.05	3.05	3.05
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-0.02%	0.02%	-0.02%	50.00%
Dividend Yield	-	-	5.16%	0.00%	0.00%	0.00%	0.00%	0.00%	2.50%	1.61%	1.73%	2.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.80
(-) Cash Dividends Paid (M)	21.48
(=) Cash Retained (M)	1.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.56	2.85	1.71
Cash Retained (M)	1.31	1.31	1.31
(-) Cash Required (M)	-4.56	-2.85	-1.71
(=) Excess Retained (M)	-3.25	-1.54	-0.40
(/) Shares Outstanding (M)	1.62	1.62	1.62
(=) Excess Retained per Share	-2.01	-0.95	-0.25
LTM Dividend per Share	13.28	13.28	13.28
(+) Excess Retained per Share	-2.01	-0.95	-0.25
(=) Adjusted Dividend	11.27	12.33	13.03
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$774.86	$2,456.15	$2,801.77
Upside / Downside	28.08%	305.98%	363.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.80	24.28	25.85	27.54	29.33	31.23	32.17
Payout Ratio	94.24%	93.40%	92.55%	91.70%	90.85%	90.00%	92.50%
Projected Dividends (M)	21.48	22.67	23.93	25.25	26.64	28.11	29.76

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)	20.98	21.18	21.38
Year 2 PV (M)	20.50	20.89	21.28
Year 3 PV (M)	20.02	20.59	21.18
Year 4 PV (M)	19.55	20.30	21.07
Year 5 PV (M)	19.09	20.01	20.97
PV of Terminal Value (M)	500.81	525.00	550.11
Equity Value (M)	600.94	627.96	655.99
Shares Outstanding (M)	1.62	1.62	1.62
Fair Value	$371.40	$388.10	$405.42
Upside / Downside	-38.61%	-35.85%	-32.99%

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Nordfyns Bank A/S (NRDF.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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