DDM Analysis: SWEC-A.ST

Valuation Snapshot

Stable Growth	$547.89 - $1,187.98	$1,113.31
Multi-Stage	$181.41 - $198.45	$189.77
Blended Fair Value	$651.54
Current Price	$156.80
Upside	315.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.46%	13.60%	2.93	2.68	2.42	2.16	2.02	1.78	1.64	1.42	1.16	0.88
YoY Growth	-	-	9.40%	10.50%	12.02%	6.83%	13.66%	8.60%	15.59%	22.73%	31.45%	7.51%
Dividend Yield	-	-	1.63%	2.23%	1.84%	1.58%	1.42%	1.88%	2.13%	2.47%	1.70%	1.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,160.00
(-) Cash Dividends Paid (M)	1,187.00
(=) Cash Retained (M)	973.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	432.00	270.00	162.00
Cash Retained (M)	973.00	973.00	973.00
(-) Cash Required (M)	-432.00	-270.00	-162.00
(=) Excess Retained (M)	541.00	703.00	811.00
(/) Shares Outstanding (M)	361.60	361.60	361.60
(=) Excess Retained per Share	1.50	1.94	2.24
LTM Dividend per Share	3.28	3.28	3.28
(+) Excess Retained per Share	1.50	1.94	2.24
(=) Adjusted Dividend	4.78	5.23	5.53
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$547.89	$1,113.31	$1,187.98
Upside / Downside	249.42%	610.02%	657.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,160.00	2,300.40	2,449.93	2,609.17	2,778.77	2,959.39	3,048.17
Payout Ratio	54.95%	61.96%	68.97%	75.98%	82.99%	90.00%	92.50%
Projected Dividends (M)	1,187.00	1,425.40	1,689.77	1,982.49	2,306.12	2,663.45	2,819.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,326.83	1,339.40	1,351.98
Year 2 PV (M)	1,464.15	1,492.04	1,520.19
Year 3 PV (M)	1,598.99	1,644.90	1,691.67
Year 4 PV (M)	1,731.40	1,797.98	1,866.47
Year 5 PV (M)	1,861.39	1,951.30	2,044.65
PV of Terminal Value (M)	57,613.46	60,396.21	63,285.46
Equity Value (M)	65,596.22	68,621.83	71,760.41
Shares Outstanding (M)	361.60	361.60	361.60
Fair Value	$181.41	$189.77	$198.45
Upside / Downside	15.69%	21.03%	26.56%

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Sweco AB (publ) (SWEC-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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