DDM Analysis: 0QVR.L

Valuation Snapshot

Stable Growth	$117.02 - $343.85	$184.47
Multi-Stage	$131.32 - $143.95	$137.52
Blended Fair Value	$160.99
Current Price	$94.40
Upside	70.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.75%	0.00%	2.29	1.15	0.06	1.24	0.00	2.00	1.81	1.23	1.64	1.19
YoY Growth	-	-	100.00%	1,775.00%	-95.06%	0.00%	-100.00%	11.02%	47.13%	-25.26%	37.39%	0.00%
Dividend Yield	-	-	2.85%	1.57%	0.12%	3.48%	0.00%	3.33%	2.94%	2.14%	3.01%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.00
(-) Cash Dividends Paid (M)	163.00
(=) Cash Retained (M)	147.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.00	38.75	23.25
Cash Retained (M)	147.00	147.00	147.00
(-) Cash Required (M)	-62.00	-38.75	-23.25
(=) Excess Retained (M)	85.00	108.25	123.75
(/) Shares Outstanding (M)	65.37	65.37	65.37
(=) Excess Retained per Share	1.30	1.66	1.89
LTM Dividend per Share	2.49	2.49	2.49
(+) Excess Retained per Share	1.30	1.66	1.89
(=) Adjusted Dividend	3.79	4.15	4.39
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.00%	4.00%	5.00%
Fair Value	$117.02	$184.47	$343.85
Upside / Downside	23.96%	95.41%	264.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.00	322.41	335.32	348.74	362.70	377.22	388.54
Payout Ratio	52.58%	60.06%	67.55%	75.03%	82.52%	90.00%	92.50%
Projected Dividends (M)	163.00	193.65	226.50	261.67	299.29	339.50	359.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.00%	4.00%	5.00%
Year 1 PV (M)	180.35	182.10	183.85
Year 2 PV (M)	196.45	200.29	204.16
Year 3 PV (M)	211.37	217.58	223.92
Year 4 PV (M)	225.15	234.02	243.15
Year 5 PV (M)	237.86	249.63	261.86
PV of Terminal Value (M)	7,532.39	7,905.20	8,292.62
Equity Value (M)	8,583.57	8,988.82	9,409.57
Shares Outstanding (M)	65.37	65.37	65.37
Fair Value	$131.32	$137.52	$143.95
Upside / Downside	39.11%	45.68%	52.49%

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Scandi Standard AB (publ) (0QVR.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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