DDM Analysis: ATCO-A.ST

Valuation Snapshot

Stable Growth	$459.65 - $1,125.74	$1,054.98
Multi-Stage	$165.51 - $181.06	$173.15
Blended Fair Value	$614.06
Current Price	$158.90
Upside	286.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.26%	7.40%	2.80	2.30	1.90	1.82	1.74	1.57	1.74	1.69	1.57	1.50
YoY Growth	-	-	21.82%	21.11%	4.06%	4.50%	11.15%	-9.83%	2.85%	7.66%	4.93%	9.34%
Dividend Yield	-	-	1.76%	1.28%	1.44%	1.59%	1.41%	2.02%	2.88%	2.06%	2.18%	3.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,595.00
(-) Cash Dividends Paid (M)	14,127.00
(=) Cash Retained (M)	13,468.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,519.00	3,449.38	2,069.63
Cash Retained (M)	13,468.00	13,468.00	13,468.00
(-) Cash Required (M)	-5,519.00	-3,449.38	-2,069.63
(=) Excess Retained (M)	7,949.00	10,018.63	11,398.38
(/) Shares Outstanding (M)	4,874.98	4,874.98	4,874.98
(=) Excess Retained per Share	1.63	2.06	2.34
LTM Dividend per Share	2.90	2.90	2.90
(+) Excess Retained per Share	1.63	2.06	2.34
(=) Adjusted Dividend	4.53	4.95	5.24
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$459.65	$1,054.98	$1,125.74
Upside / Downside	189.27%	563.93%	608.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,595.00	29,388.68	31,298.94	33,333.37	35,500.04	37,807.54	38,941.77
Payout Ratio	51.19%	58.96%	66.72%	74.48%	82.24%	90.00%	92.50%
Projected Dividends (M)	14,127.00	17,326.17	20,881.54	24,825.90	29,194.81	34,026.79	36,021.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,109.98	16,262.69	16,415.39
Year 2 PV (M)	18,052.93	18,396.79	18,743.89
Year 3 PV (M)	19,956.44	20,529.32	21,113.05
Year 4 PV (M)	21,821.09	22,660.26	23,523.42
Year 5 PV (M)	23,647.45	24,789.63	25,975.53
PV of Terminal Value (M)	707,282.98	741,445.01	776,914.50
Equity Value (M)	806,870.87	844,083.70	882,685.78
Shares Outstanding (M)	4,874.98	4,874.98	4,874.98
Fair Value	$165.51	$173.15	$181.06
Upside / Downside	4.16%	8.97%	13.95%

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Atlas Copco AB (ATCO-A.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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