DDM Analysis: 0GMG.L

Valuation Snapshot

Stable Growth	$115.95 - $562.42	$248.97
Multi-Stage	$62.99 - $68.86	$65.87
Blended Fair Value	$157.42
Current Price	$105.00
Upside	49.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	7.23%	0.99	0.99	0.75	0.63	0.00	0.63	0.51	0.51	0.51	0.50
YoY Growth	-	-	0.00%	33.00%	19.05%	0.00%	-100.00%	23.53%	-0.67%	0.00%	2.76%	0.67%
Dividend Yield	-	-	1.00%	0.85%	0.60%	0.65%	0.00%	1.72%	1.52%	2.63%	3.04%	3.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	379.00
(-) Cash Dividends Paid (M)	154.00
(=) Cash Retained (M)	225.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.80	47.38	28.43
Cash Retained (M)	225.00	225.00	225.00
(-) Cash Required (M)	-75.80	-47.38	-28.43
(=) Excess Retained (M)	149.20	177.63	196.58
(/) Shares Outstanding (M)	134.02	134.02	134.02
(=) Excess Retained per Share	1.11	1.33	1.47
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	1.11	1.33	1.47
(=) Adjusted Dividend	2.26	2.47	2.62
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$115.95	$248.97	$562.42
Upside / Downside	10.43%	137.12%	435.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	379.00	403.64	429.87	457.81	487.57	519.26	534.84
Payout Ratio	40.63%	50.51%	60.38%	70.25%	80.13%	90.00%	92.50%
Projected Dividends (M)	154.00	203.86	259.56	321.63	390.67	467.34	494.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.56%	7.56%	7.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	187.76	189.54	191.32
Year 2 PV (M)	220.16	224.36	228.59
Year 3 PV (M)	251.26	258.48	265.83
Year 4 PV (M)	281.09	291.90	303.02
Year 5 PV (M)	309.69	324.64	340.17
PV of Terminal Value (M)	7,191.79	7,539.16	7,899.82
Equity Value (M)	8,441.75	8,828.07	9,228.75
Shares Outstanding (M)	134.02	134.02	134.02
Fair Value	$62.99	$65.87	$68.86
Upside / Downside	-40.01%	-37.26%	-34.42%

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Addnode Group AB (publ) (0GMG.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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