DDM Analysis: TRH1V.HE

Valuation Snapshot

Stable Growth	$0.64 - $0.88	$0.76
Multi-Stage	$1.79 - $1.98	$1.89
Blended Fair Value	$1.32
Current Price	$2.14
Upside	-38.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-17.51%	0.00%	0.04	0.45	0.70	0.50	0.00	0.10	0.00	0.00	0.00	0.00
YoY Growth	-	-	-91.51%	-35.73%	39.99%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.83%	18.91%	13.16%	5.42%	0.00%	2.56%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	0.26
(-) Cash Dividends Paid (M)	0.11
(=) Cash Retained (M)	0.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	0.05	0.03	0.02
Cash Retained (M)	0.15	0.15	0.15
(-) Cash Required (M)	-0.05	-0.03	-0.02
(=) Excess Retained (M)	0.10	0.12	0.13
(/) Shares Outstanding (M)	2.15	2.15	2.15
(=) Excess Retained per Share	0.05	0.05	0.06
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.05	0.06
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	-7.16%	-6.16%	-5.16%
Fair Value	$0.64	$0.76	$0.88
Upside / Downside	-70.19%	-64.48%	-58.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	0.26	0.24	0.23	0.21	0.20	0.19	0.19
Payout Ratio	41.72%	51.38%	61.03%	70.69%	80.34%	90.00%	92.50%
Projected Dividends (M)	0.11	0.12	0.14	0.15	0.16	0.17	0.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	-7.16%	-6.16%	-5.16%
Year 1 PV (M)	0.11	0.12	0.12
Year 2 PV (M)	0.12	0.12	0.12
Year 3 PV (M)	0.12	0.12	0.13
Year 4 PV (M)	0.12	0.12	0.13
Year 5 PV (M)	0.12	0.12	0.13
PV of Terminal Value (M)	3.28	3.46	3.65
Equity Value (M)	3.86	4.06	4.27
Shares Outstanding (M)	2.15	2.15	2.15
Fair Value	$1.79	$1.89	$1.98
Upside / Downside	-16.19%	-11.86%	-7.34%

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Trainers' House Oyj (TRH1V.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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