DDM Analysis: SADG.OL

Valuation Snapshot

Stable Growth	$1,562.62 - $3,039.92	$2,848.85
Multi-Stage	$461.32 - $505.65	$483.08
Blended Fair Value	$1,665.97
Current Price	$96.00
Upside	1,635.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	14.62%	19.56%	5.91	5.24	5.84	7.78	5.57	2.99	1.34	0.00	0.99	0.00
YoY Growth	-	-	12.84%	-10.36%	-24.87%	39.67%	86.38%	123.71%	0.00%	-100.00%	0.00%	-100.00%
Dividend Yield	-	-	5.82%	6.05%	5.70%	9.42%	9.86%	4.86%	2.76%	0.00%	2.38%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	329.11
(-) Cash Dividends Paid (M)	0.40
(=) Cash Retained (M)	328.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.82	41.14	24.68
Cash Retained (M)	328.71	328.71	328.71
(-) Cash Required (M)	-65.82	-41.14	-24.68
(=) Excess Retained (M)	262.89	287.57	304.03
(/) Shares Outstanding (M)	21.53	21.53	21.53
(=) Excess Retained per Share	12.21	13.36	14.12
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	12.21	13.36	14.12
(=) Adjusted Dividend	12.23	13.37	14.14
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,562.62	$2,848.85	$3,039.92
Upside / Downside	1,527.73%	2,867.56%	3,066.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	329.11	350.50	373.28	397.55	423.39	450.91	464.44
Payout Ratio	0.12%	18.10%	36.07%	54.05%	72.02%	90.00%	92.50%
Projected Dividends (M)	0.40	63.43	134.65	214.87	304.94	405.82	429.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	59.10	59.66	60.22
Year 2 PV (M)	116.88	119.11	121.36
Year 3 PV (M)	173.77	178.76	183.84
Year 4 PV (M)	229.76	238.60	247.69
Year 5 PV (M)	284.88	298.64	312.92
PV of Terminal Value (M)	9,068.23	9,506.23	9,961.00
Equity Value (M)	9,932.62	10,400.99	10,887.02
Shares Outstanding (M)	21.53	21.53	21.53
Fair Value	$461.32	$483.08	$505.65
Upside / Downside	380.54%	403.20%	426.72%

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Sandnes Sparebank (SADG.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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