DDM Analysis: 0N08.L

Valuation Snapshot

Stable Growth	$2.50 - $3.75	$3.09
Multi-Stage	$5.10 - $5.60	$5.34
Blended Fair Value	$4.22
Current Price	$2.26
Upside	86.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.16	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	39.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.96%	4.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	34.56
(-) Cash Dividends Paid (M)	23.69
(=) Cash Retained (M)	10.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.91	4.32	2.59
Cash Retained (M)	10.88	10.88	10.88
(-) Cash Required (M)	-6.91	-4.32	-2.59
(=) Excess Retained (M)	3.96	6.55	8.28
(/) Shares Outstanding (M)	116.91	116.91	116.91
(=) Excess Retained per Share	0.03	0.06	0.07
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.03	0.06	0.07
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.50	$3.09	$3.75
Upside / Downside	10.46%	36.77%	66.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	34.56	34.22	33.87	33.54	33.20	32.87	33.85
Payout Ratio	68.53%	72.83%	77.12%	81.41%	85.71%	90.00%	92.50%
Projected Dividends (M)	23.69	24.92	26.12	27.30	28.45	29.58	31.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.99	23.23	23.46
Year 2 PV (M)	22.24	22.70	23.16
Year 3 PV (M)	21.45	22.11	22.79
Year 4 PV (M)	20.62	21.48	22.36
Year 5 PV (M)	19.78	20.81	21.89
PV of Terminal Value (M)	488.74	514.19	540.69
Equity Value (M)	595.82	624.51	654.34
Shares Outstanding (M)	116.91	116.91	116.91
Fair Value	$5.10	$5.34	$5.60
Upside / Downside	125.51%	136.37%	147.66%

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Panoro Energy ASA (0N08.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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