DDM Analysis: AJA-B.ST

Valuation Snapshot

Stable Growth	$8.74 - $13.98	$11.11
Multi-Stage	$7.63 - $8.29	$7.96
Blended Fair Value	$9.53
Current Price	$67.75
Upside	-85.93%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.07%	0.00%	0.33	0.28	0.55	0.00	0.19	0.17	0.16	0.14	0.13	0.00
YoY Growth	-	-	18.19%	-49.97%	0.00%	-100.00%	14.31%	7.69%	8.35%	13.26%	0.00%	0.00%
Dividend Yield	-	-	0.52%	0.44%	0.75%	0.00%	0.37%	0.46%	0.38%	0.52%	0.56%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.87
(-) Cash Dividends Paid (M)	12.39
(=) Cash Retained (M)	10.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.57	2.86	1.72
Cash Retained (M)	10.49	10.49	10.49
(-) Cash Required (M)	-4.57	-2.86	-1.72
(=) Excess Retained (M)	5.91	7.63	8.77
(/) Shares Outstanding (M)	29.14	29.14	29.14
(=) Excess Retained per Share	0.20	0.26	0.30
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.20	0.26	0.30
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	13.08%	13.08%	13.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$8.74	$11.11	$13.98
Upside / Downside	-87.11%	-83.60%	-79.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.87	24.36	25.94	27.63	29.43	31.34	32.28
Payout Ratio	54.16%	61.33%	68.50%	75.66%	82.83%	90.00%	92.50%
Projected Dividends (M)	12.39	14.94	17.77	20.91	24.37	28.20	29.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	13.08%	13.08%	13.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13.09	13.21	13.33
Year 2 PV (M)	13.64	13.90	14.16
Year 3 PV (M)	14.05	14.46	14.87
Year 4 PV (M)	14.35	14.90	15.47
Year 5 PV (M)	14.55	15.25	15.98
PV of Terminal Value (M)	152.72	160.09	167.75
Equity Value (M)	222.39	231.81	241.56
Shares Outstanding (M)	29.14	29.14	29.14
Fair Value	$7.63	$7.96	$8.29
Upside / Downside	-88.73%	-88.26%	-87.76%

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PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
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UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
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WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
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LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
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CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

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Byggmästare Anders J Ahlström Holding AB (publ) (AJA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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