DDM Analysis: 0GXK.L

Valuation Snapshot

Stable Growth	$945.67 - $3,368.39	$3,084.93
Multi-Stage	$432.17 - $472.68	$452.05
Blended Fair Value	$1,768.49
Current Price	$314.40
Upside	462.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.24%	17.67%	7.00	5.50	5.00	4.50	0.00	4.50	3.25	1.75	1.63	1.50
YoY Growth	-	-	27.25%	10.00%	11.11%	0.00%	-100.00%	38.46%	85.71%	7.69%	8.33%	9.09%
Dividend Yield	-	-	2.50%	1.77%	2.90%	3.22%	0.00%	3.91%	2.32%	1.31%	1.44%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	423.40
(-) Cash Dividends Paid (M)	181.60
(=) Cash Retained (M)	241.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.68	52.93	31.76
Cash Retained (M)	241.80	241.80	241.80
(-) Cash Required (M)	-84.68	-52.93	-31.76
(=) Excess Retained (M)	157.12	188.88	210.05
(/) Shares Outstanding (M)	25.00	25.00	25.00
(=) Excess Retained per Share	6.29	7.56	8.40
LTM Dividend per Share	7.26	7.26	7.26
(+) Excess Retained per Share	6.29	7.56	8.40
(=) Adjusted Dividend	13.55	14.82	15.67
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$945.67	$3,084.93	$3,368.39
Upside / Downside	200.79%	881.21%	971.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	423.40	450.92	480.23	511.45	544.69	580.09	597.50
Payout Ratio	42.89%	52.31%	61.73%	71.16%	80.58%	90.00%	92.50%
Projected Dividends (M)	181.60	235.89	296.47	363.93	438.90	522.09	552.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	218.36	220.43	222.50
Year 2 PV (M)	254.05	258.89	263.78
Year 3 PV (M)	288.69	296.98	305.42
Year 4 PV (M)	322.30	334.69	347.44
Year 5 PV (M)	354.90	372.04	389.84
PV of Terminal Value (M)	9,365.19	9,817.53	10,287.19
Equity Value (M)	10,803.48	11,300.56	11,816.16
Shares Outstanding (M)	25.00	25.00	25.00
Fair Value	$432.17	$452.05	$472.68
Upside / Downside	37.46%	43.78%	50.34%

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VBG Group AB (publ) (0GXK.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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