DDM Analysis: PIHLIS.HE

Valuation Snapshot

Stable Growth	$60.28 - $346.92	$110.50
Multi-Stage	$45.45 - $49.80	$47.58
Blended Fair Value	$79.04
Current Price	$16.00
Upside	394.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-19.85%	-5.44%	0.10	0.07	0.38	0.22	0.01	0.30	0.22	0.26	0.04	0.03
YoY Growth	-	-	48.65%	-82.77%	74.15%	2,226.42%	-96.81%	32.16%	-14.48%	515.69%	62.59%	-84.72%
Dividend Yield	-	-	0.76%	0.85%	5.11%	1.79%	0.08%	2.08%	2.19%	2.07%	0.26%	0.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.90
(-) Cash Dividends Paid (M)	9.95
(=) Cash Retained (M)	30.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.18	5.11	3.07
Cash Retained (M)	30.95	30.95	30.95
(-) Cash Required (M)	-8.18	-5.11	-3.07
(=) Excess Retained (M)	22.77	25.84	27.88
(/) Shares Outstanding (M)	22.51	22.51	22.51
(=) Excess Retained per Share	1.01	1.15	1.24
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	1.01	1.15	1.24
(=) Adjusted Dividend	1.45	1.59	1.68
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	4.32%	5.32%	6.32%
Fair Value	$60.28	$110.50	$346.92
Upside / Downside	276.74%	590.62%	2,068.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.90	43.07	45.36	47.78	50.32	52.99	54.58
Payout Ratio	24.32%	37.46%	50.59%	63.73%	76.86%	90.00%	92.50%
Projected Dividends (M)	9.95	16.13	22.95	30.45	38.67	47.69	50.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	4.32%	5.32%	6.32%
Year 1 PV (M)	14.96	15.10	15.25
Year 2 PV (M)	19.73	20.11	20.49
Year 3 PV (M)	24.27	24.97	25.69
Year 4 PV (M)	28.58	29.69	30.84
Year 5 PV (M)	32.68	34.27	35.93
PV of Terminal Value (M)	902.98	947.10	992.93
Equity Value (M)	1,023.20	1,071.25	1,121.13
Shares Outstanding (M)	22.51	22.51	22.51
Fair Value	$45.45	$47.58	$49.80
Upside / Downside	184.04%	197.38%	211.22%

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Pihlajalinna Oyj (PIHLIS.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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