DDM Analysis: AFK.OL

Valuation Snapshot

Stable Growth	$540.72 - $803.15	$665.94
Multi-Stage	$1,336.44 - $1,475.95	$1,404.80
Blended Fair Value	$1,035.37
Current Price	$131.00
Upside	690.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.35%	-11.16%	4.44	4.46	3.67	31.90	4.16	2.48	0.22	22.11	2.98	4.08
YoY Growth	-	-	-0.35%	21.48%	-88.50%	666.55%	67.74%	1,023.83%	-99.00%	642.82%	-27.06%	-71.85%
Dividend Yield	-	-	3.57%	2.40%	1.69%	7.78%	1.54%	2.58%	0.18%	13.89%	2.66%	4.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,839.00
(-) Cash Dividends Paid (M)	194.00
(=) Cash Retained (M)	3,645.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	767.80	479.88	287.93
Cash Retained (M)	3,645.00	3,645.00	3,645.00
(-) Cash Required (M)	-767.80	-479.88	-287.93
(=) Excess Retained (M)	2,877.20	3,165.13	3,357.08
(/) Shares Outstanding (M)	56.37	56.37	56.37
(=) Excess Retained per Share	51.04	56.15	59.56
LTM Dividend per Share	3.44	3.44	3.44
(+) Excess Retained per Share	51.04	56.15	59.56
(=) Adjusted Dividend	54.49	59.59	63.00
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.39%	-2.39%	-1.39%
Fair Value	$540.72	$665.94	$803.15
Upside / Downside	312.76%	408.35%	513.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,839.00	3,747.24	3,657.67	3,570.24	3,484.90	3,401.60	3,503.65
Payout Ratio	5.05%	22.04%	39.03%	56.02%	73.01%	90.00%	92.50%
Projected Dividends (M)	194.00	825.99	1,427.66	2,000.10	2,544.35	3,061.44	3,240.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-3.39%	-2.39%	-1.39%
Year 1 PV (M)	768.76	776.71	784.67
Year 2 PV (M)	1,236.66	1,262.39	1,288.39
Year 3 PV (M)	1,612.45	1,663.04	1,714.68
Year 4 PV (M)	1,909.08	1,989.36	2,072.15
Year 5 PV (M)	2,137.89	2,250.85	2,368.54
PV of Terminal Value (M)	67,666.21	71,241.51	74,966.36
Equity Value (M)	75,331.06	79,183.87	83,194.79
Shares Outstanding (M)	56.37	56.37	56.37
Fair Value	$1,336.44	$1,404.80	$1,475.95
Upside / Downside	920.19%	972.36%	1,026.68%

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Arendals Fossekompani ASA (AFK.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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