DDM Analysis: ROCK-A.CO

Valuation Snapshot

Stable Growth	$44.51 - $94.35	$63.17
Multi-Stage	$31.73 - $34.70	$33.19
Blended Fair Value	$48.18
Current Price	$31.60
Upside	52.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.52%	15.30%	0.60	0.48	0.49	0.44	0.45	0.42	0.33	0.26	0.16	0.16
YoY Growth	-	-	23.76%	-0.98%	9.68%	-1.06%	8.05%	24.29%	27.27%	64.67%	2.45%	8.31%
Dividend Yield	-	-	1.57%	1.60%	2.16%	1.48%	1.25%	2.53%	1.58%	1.09%	0.96%	1.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	497.00
(-) Cash Dividends Paid (M)	1.00
(=) Cash Retained (M)	496.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	99.40	62.13	37.28
Cash Retained (M)	496.00	496.00	496.00
(-) Cash Required (M)	-99.40	-62.13	-37.28
(=) Excess Retained (M)	396.60	433.88	458.73
(/) Shares Outstanding (M)	209.31	209.31	209.31
(=) Excess Retained per Share	1.89	2.07	2.19
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.89	2.07	2.19
(=) Adjusted Dividend	1.90	2.08	2.20
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.51	$63.17	$94.35
Upside / Downside	40.85%	99.92%	198.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	497.00	529.31	563.71	600.35	639.37	680.93	701.36
Payout Ratio	0.20%	18.16%	36.12%	54.08%	72.04%	90.00%	92.50%
Projected Dividends (M)	1.00	96.13	203.62	324.67	460.61	612.84	648.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	86.57	87.39	88.21
Year 2 PV (M)	165.12	168.27	171.44
Year 3 PV (M)	237.11	243.91	250.85
Year 4 PV (M)	302.92	314.57	326.55
Year 5 PV (M)	362.95	380.48	398.68
PV of Terminal Value (M)	5,486.81	5,751.82	6,026.98
Equity Value (M)	6,641.47	6,946.44	7,262.71
Shares Outstanding (M)	209.31	209.31	209.31
Fair Value	$31.73	$33.19	$34.70
Upside / Downside	0.41%	5.03%	9.81%

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Rockwool A/S (ROCK-A.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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