DDM Analysis: 0QI9.L

Valuation Snapshot

Stable Growth	$121.12 - $208.61	$158.84
Multi-Stage	$200.71 - $220.69	$210.51
Blended Fair Value	$184.67
Current Price	$75.20
Upside	145.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.71%	0.00%	1.55	1.40	1.40	1.34	1.93	1.29	1.36	1.29	0.00	0.00
YoY Growth	-	-	10.53%	0.00%	4.40%	-30.53%	49.71%	-4.89%	5.14%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.03%	2.00%	1.74%	1.21%	2.33%	2.97%	3.86%	4.02%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,298.00
(-) Cash Dividends Paid (M)	216.00
(=) Cash Retained (M)	1,082.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	259.60	162.25	97.35
Cash Retained (M)	1,082.00	1,082.00	1,082.00
(-) Cash Required (M)	-259.60	-162.25	-97.35
(=) Excess Retained (M)	822.40	919.75	984.65
(/) Shares Outstanding (M)	135.76	135.76	135.76
(=) Excess Retained per Share	6.06	6.77	7.25
LTM Dividend per Share	1.59	1.59	1.59
(+) Excess Retained per Share	6.06	6.77	7.25
(=) Adjusted Dividend	7.65	8.37	8.84
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	0.44%	1.44%	2.44%
Fair Value	$121.12	$158.84	$208.61
Upside / Downside	61.07%	111.22%	177.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,298.00	1,316.72	1,335.70	1,354.96	1,374.50	1,394.32	1,436.15
Payout Ratio	16.64%	31.31%	45.98%	60.66%	75.33%	90.00%	92.50%
Projected Dividends (M)	216.00	412.30	614.22	821.87	1,035.38	1,254.89	1,328.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	0.44%	1.44%	2.44%
Year 1 PV (M)	382.30	386.10	389.91
Year 2 PV (M)	528.08	538.65	549.32
Year 3 PV (M)	655.19	674.96	695.12
Year 4 PV (M)	765.34	796.28	828.15
Year 5 PV (M)	860.10	903.77	949.21
PV of Terminal Value (M)	24,057.61	25,279.28	26,550.09
Equity Value (M)	27,248.62	28,579.04	29,961.79
Shares Outstanding (M)	135.76	135.76	135.76
Fair Value	$200.71	$210.51	$220.69
Upside / Downside	166.90%	179.93%	193.47%

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Creades AB (0QI9.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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