DDM Analysis: RAY-B.ST

Valuation Snapshot

Stable Growth	$266.16 - $1,272.33	$579.54
Multi-Stage	$144.26 - $157.67	$150.85
Blended Fair Value	$365.19
Current Price	$252.00
Upside	44.92%
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%	0.00%	2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.25	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%
Dividend Yield	-	-	0.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	219.17
(-) Cash Dividends Paid (M)	102.90
(=) Cash Retained (M)	116.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.83	27.40	16.44
Cash Retained (M)	116.27	116.27	116.27
(-) Cash Required (M)	-43.83	-27.40	-16.44
(=) Excess Retained (M)	72.44	88.87	99.83
(/) Shares Outstanding (M)	34.26	34.26	34.26
(=) Excess Retained per Share	2.11	2.59	2.91
LTM Dividend per Share	3.00	3.00	3.00
(+) Excess Retained per Share	2.11	2.59	2.91
(=) Adjusted Dividend	5.12	5.60	5.92
WACC / Discount Rate	7.53%	7.53%	7.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$266.16	$579.54	$1,272.33
Upside / Downside	5.62%	129.98%	404.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	219.17	233.41	248.58	264.74	281.95	300.28	309.28
Payout Ratio	46.95%	55.56%	64.17%	72.78%	81.39%	90.00%	92.50%
Projected Dividends (M)	102.90	129.68	159.51	192.68	229.48	270.25	286.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.53%	7.53%	7.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.47	120.60	121.73
Year 2 PV (M)	135.38	137.96	140.56
Year 3 PV (M)	150.65	154.97	159.38
Year 4 PV (M)	165.29	171.65	178.19
Year 5 PV (M)	179.33	187.99	196.99
PV of Terminal Value (M)	4,191.95	4,394.42	4,604.65
Equity Value (M)	4,942.07	5,167.60	5,401.49
Shares Outstanding (M)	34.26	34.26	34.26
Fair Value	$144.26	$150.85	$157.67
Upside / Downside	-42.75%	-40.14%	-37.43%

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RaySearch Laboratories AB (publ) (RAY-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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