DDM Analysis: SUBC.OL

Valuation Snapshot

Stable Growth	$37.51 - $191.70	$76.85
Multi-Stage	$21.89 - $23.87	$22.86
Blended Fair Value	$49.85
Current Price	$20.63
Upside	141.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.80%	-1.76%	0.55	0.38	0.11	0.24	0.00	0.18	0.68	0.64	0.00	0.00
YoY Growth	-	-	45.32%	253.63%	-55.97%	0.00%	-100.00%	-73.67%	6.91%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.43%	2.32%	0.90%	2.58%	0.00%	3.79%	5.33%	5.03%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	287.90
(-) Cash Dividends Paid (M)	264.80
(=) Cash Retained (M)	23.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	57.58	35.99	21.59
Cash Retained (M)	23.10	23.10	23.10
(-) Cash Required (M)	-57.58	-35.99	-21.59
(=) Excess Retained (M)	-34.48	-12.89	1.51
(/) Shares Outstanding (M)	298.68	298.68	298.68
(=) Excess Retained per Share	-0.12	-0.04	0.01
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	-0.12	-0.04	0.01
(=) Adjusted Dividend	0.77	0.84	0.89
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.51	$76.85	$191.70
Upside / Downside	81.82%	272.51%	829.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	287.90	306.61	326.54	347.77	370.37	394.45	406.28
Payout Ratio	91.98%	91.58%	91.19%	90.79%	90.40%	90.00%	92.50%
Projected Dividends (M)	264.80	280.80	297.76	315.74	334.80	355.00	375.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	258.35	260.80	263.25
Year 2 PV (M)	252.05	256.86	261.70
Year 3 PV (M)	245.91	252.97	260.16
Year 4 PV (M)	239.90	249.13	258.62
Year 5 PV (M)	234.04	245.35	257.08
PV of Terminal Value (M)	5,306.67	5,562.99	5,829.11
Equity Value (M)	6,536.93	6,828.08	7,129.92
Shares Outstanding (M)	298.68	298.68	298.68
Fair Value	$21.89	$22.86	$23.87
Upside / Downside	6.09%	10.81%	15.71%

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Sector

Subsea 7 S.A. (SUBC.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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