DDM Analysis: B2H.OL

Valuation Snapshot

Stable Growth	$57.26 - $183.53	$171.99
Multi-Stage	$25.74 - $28.20	$26.95
Blended Fair Value	$99.47
Current Price	$6.90
Upside	1,341.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	24.86%	0.00%	0.43	0.16	0.00	0.47	0.31	0.14	0.00	0.00	0.00	0.00
YoY Growth	-	-	175.41%	0.00%	-100.00%	51.25%	120.27%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.92%	1.68%	0.00%	13.13%	2.59%	0.73%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	360.00
(-) Cash Dividends Paid (M)	77.00
(=) Cash Retained (M)	283.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.00	45.00	27.00
Cash Retained (M)	283.00	283.00	283.00
(-) Cash Required (M)	-72.00	-45.00	-27.00
(=) Excess Retained (M)	211.00	238.00	256.00
(/) Shares Outstanding (M)	389.14	389.14	389.14
(=) Excess Retained per Share	0.54	0.61	0.66
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.54	0.61	0.66
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.24%	6.24%	7.24%
Fair Value	$57.26	$171.99	$183.53
Upside / Downside	729.83%	2,392.63%	2,559.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	360.00	382.45	406.31	431.65	458.58	487.18	501.79
Payout Ratio	21.39%	35.11%	48.83%	62.56%	76.28%	90.00%	92.50%
Projected Dividends (M)	77.00	134.28	198.41	270.02	349.79	438.46	464.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.24%	6.24%	7.24%
Year 1 PV (M)	124.79	125.97	127.16
Year 2 PV (M)	171.34	174.61	177.92
Year 3 PV (M)	216.69	222.92	229.28
Year 4 PV (M)	260.85	270.91	281.25
Year 5 PV (M)	303.85	318.56	333.84
PV of Terminal Value (M)	8,940.94	9,373.89	9,823.45
Equity Value (M)	10,018.45	10,486.87	10,972.89
Shares Outstanding (M)	389.14	389.14	389.14
Fair Value	$25.74	$26.95	$28.20
Upside / Downside	273.11%	290.56%	308.66%

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B2Holding ASA (B2H.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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