DDM Analysis: ADMCM.HE

Valuation Snapshot

Stable Growth	$86.25 - $390.64	$198.50
Multi-Stage	$45.21 - $49.43	$47.28
Blended Fair Value	$122.89
Current Price	$52.40
Upside	134.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.83%	0.00%	0.71	1.32	2.00	0.90	0.70	0.46	0.00	0.26	0.00	0.00
YoY Growth	-	-	-46.23%	-33.89%	122.52%	27.47%	51.42%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.50%	3.05%	4.29%	1.06%	0.52%	0.72%	0.00%	2.42%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.81
(-) Cash Dividends Paid (M)	4.08
(=) Cash Retained (M)	5.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.96	1.23	0.74
Cash Retained (M)	5.74	5.74	5.74
(-) Cash Required (M)	-1.96	-1.23	-0.74
(=) Excess Retained (M)	3.77	4.51	5.00
(/) Shares Outstanding (M)	5.00	5.00	5.00
(=) Excess Retained per Share	0.76	0.90	1.00
LTM Dividend per Share	0.82	0.82	0.82
(+) Excess Retained per Share	0.76	0.90	1.00
(=) Adjusted Dividend	1.57	1.72	1.82
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$86.25	$198.50	$390.64
Upside / Downside	64.60%	278.81%	645.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.81	10.45	11.13	11.86	12.63	13.45	13.85
Payout Ratio	41.55%	51.24%	60.93%	70.62%	80.31%	90.00%	92.50%
Projected Dividends (M)	4.08	5.36	6.78	8.37	10.14	12.10	12.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4.94	4.99	5.03
Year 2 PV (M)	5.77	5.88	5.99
Year 3 PV (M)	6.57	6.75	6.95
Year 4 PV (M)	7.33	7.62	7.91
Year 5 PV (M)	8.07	8.46	8.87
PV of Terminal Value (M)	193.21	202.54	212.23
Equity Value (M)	225.88	236.23	246.97
Shares Outstanding (M)	5.00	5.00	5.00
Fair Value	$45.21	$47.28	$49.43
Upside / Downside	-13.73%	-9.78%	-5.68%

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Admicom Oyj (ADMCM.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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