DDM Analysis: NTHOL.IS

Valuation Snapshot

Stable Growth	$436.17 - $1,119.42	$1,049.06
Multi-Stage	$157.33 - $172.37	$164.71
Blended Fair Value	$606.88
Current Price	$42.80
Upside	1,317.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	69.60%	0.00%	0.35	0.04	0.03	0.07	0.00	0.02	0.09	0.00	0.00	0.00
YoY Growth	-	-	705.38%	46.48%	-54.55%	1,344.24%	-81.88%	-72.83%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.92%	0.16%	0.25%	0.65%	0.10%	1.79%	5.36%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,768.99
(-) Cash Dividends Paid (M)	188.94
(=) Cash Retained (M)	2,580.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	553.80	346.12	207.67
Cash Retained (M)	2,580.04	2,580.04	2,580.04
(-) Cash Required (M)	-553.80	-346.12	-207.67
(=) Excess Retained (M)	2,026.25	2,233.92	2,372.37
(/) Shares Outstanding (M)	491.94	491.94	491.94
(=) Excess Retained per Share	4.12	4.54	4.82
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	4.12	4.54	4.82
(=) Adjusted Dividend	4.50	4.93	5.21
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$436.17	$1,049.06	$1,119.42
Upside / Downside	919.08%	2,351.07%	2,515.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,768.99	2,948.97	3,140.65	3,344.79	3,562.21	3,793.75	3,907.56
Payout Ratio	6.82%	23.46%	40.09%	56.73%	73.36%	90.00%	92.50%
Projected Dividends (M)	188.94	691.79	1,259.22	1,897.48	2,613.40	3,414.37	3,614.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.59%	6.59%	6.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	642.93	649.03	655.12
Year 2 PV (M)	1,087.63	1,108.34	1,129.26
Year 3 PV (M)	1,523.16	1,566.89	1,611.44
Year 4 PV (M)	1,949.69	2,024.67	2,101.79
Year 5 PV (M)	2,367.34	2,481.68	2,600.40
PV of Terminal Value (M)	69,823.32	73,195.81	76,697.38
Equity Value (M)	77,394.07	81,026.42	84,795.38
Shares Outstanding (M)	491.94	491.94	491.94
Fair Value	$157.33	$164.71	$172.37
Upside / Downside	267.58%	284.83%	302.74%

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Net Holding A.S. (NTHOL.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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