DDM Analysis: AAK.ST

Valuation Snapshot

Stable Growth	$1,363.22 - $2,601.34	$2,437.83
Multi-Stage	$406.55 - $445.05	$425.45
Blended Fair Value	$1,431.64
Current Price	$244.60
Upside	485.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.40%	14.40%	3.68	2.74	2.48	2.26	2.06	1.80	1.58	1.42	1.26	1.09
YoY Growth	-	-	34.45%	10.53%	9.49%	10.07%	14.29%	13.83%	11.35%	12.80%	15.49%	13.60%
Dividend Yield	-	-	1.32%	1.07%	1.32%	1.29%	1.04%	1.11%	1.14%	1.16%	1.28%	1.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,409.00
(-) Cash Dividends Paid (M)	1,298.00
(=) Cash Retained (M)	2,111.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	681.80	426.13	255.68
Cash Retained (M)	2,111.00	2,111.00	2,111.00
(-) Cash Required (M)	-681.80	-426.13	-255.68
(=) Excess Retained (M)	1,429.20	1,684.88	1,855.33
(/) Shares Outstanding (M)	260.62	260.62	260.62
(=) Excess Retained per Share	5.48	6.46	7.12
LTM Dividend per Share	4.98	4.98	4.98
(+) Excess Retained per Share	5.48	6.46	7.12
(=) Adjusted Dividend	10.46	11.45	12.10
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,363.22	$2,437.83	$2,601.34
Upside / Downside	457.32%	896.66%	963.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,409.00	3,630.59	3,866.57	4,117.90	4,385.56	4,670.63	4,810.74
Payout Ratio	38.08%	48.46%	58.85%	69.23%	79.62%	90.00%	92.50%
Projected Dividends (M)	1,298.00	1,759.40	2,275.30	2,850.83	3,491.57	4,203.56	4,449.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,639.44	1,654.98	1,670.51
Year 2 PV (M)	1,975.59	2,013.22	2,051.21
Year 3 PV (M)	2,306.54	2,372.75	2,440.22
Year 4 PV (M)	2,632.32	2,733.55	2,837.68
Year 5 PV (M)	2,953.01	3,095.64	3,243.73
PV of Terminal Value (M)	94,448.58	99,010.48	103,746.98
Equity Value (M)	105,955.48	110,880.62	115,990.33
Shares Outstanding (M)	260.62	260.62	260.62
Fair Value	$406.55	$425.45	$445.05
Upside / Downside	66.21%	73.94%	81.95%

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AAK AB (publ.) (AAK.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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