DDM Analysis: 0R3I.L

Valuation Snapshot

Stable Growth	$475.80 - $1,113.90	$1,043.89
Multi-Stage	$162.51 - $177.98	$170.10
Blended Fair Value	$606.99
Current Price	$98.25
Upside	517.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.61%	25.05%	2.49	2.70	2.54	1.09	0.82	0.68	0.51	0.46	0.39	0.16
YoY Growth	-	-	-7.93%	6.19%	133.53%	32.06%	21.30%	33.33%	10.96%	17.90%	144.44%	-40.02%
Dividend Yield	-	-	3.15%	3.74%	3.66%	0.81%	0.32%	0.51%	0.59%	1.02%	1.02%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	890.00
(-) Cash Dividends Paid (M)	173.20
(=) Cash Retained (M)	716.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	178.00	111.25	66.75
Cash Retained (M)	716.80	716.80	716.80
(-) Cash Required (M)	-178.00	-111.25	-66.75
(=) Excess Retained (M)	538.80	605.55	650.05
(/) Shares Outstanding (M)	158.90	158.90	158.90
(=) Excess Retained per Share	3.39	3.81	4.09
LTM Dividend per Share	1.09	1.09	1.09
(+) Excess Retained per Share	3.39	3.81	4.09
(=) Adjusted Dividend	4.48	4.90	5.18
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$475.80	$1,043.89	$1,113.90
Upside / Downside	384.27%	962.48%	1,033.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	890.00	947.85	1,009.46	1,075.08	1,144.96	1,219.38	1,255.96
Payout Ratio	19.46%	33.57%	47.68%	61.78%	75.89%	90.00%	92.50%
Projected Dividends (M)	173.20	318.18	481.27	664.23	868.93	1,097.44	1,161.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	295.97	298.77	301.58
Year 2 PV (M)	416.44	424.37	432.38
Year 3 PV (M)	534.63	549.98	565.62
Year 4 PV (M)	650.58	675.60	701.34
Year 5 PV (M)	764.33	801.24	839.57
PV of Terminal Value (M)	23,160.57	24,279.23	25,440.71
Equity Value (M)	25,822.51	27,029.20	28,281.19
Shares Outstanding (M)	158.90	158.90	158.90
Fair Value	$162.51	$170.10	$177.98
Upside / Downside	65.40%	73.13%	81.15%

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Scatec ASA (0R3I.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener