DDM Analysis: CX.ST

Valuation Snapshot

Stable Growth	$160.94 - $501.96	$470.41
Multi-Stage	$68.32 - $74.71	$71.46
Blended Fair Value	$270.93
Current Price	$43.50
Upside	522.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	33.76%	0.00%	1.98	0.98	1.38	1.65	0.00	0.46	0.19	0.00	0.00	0.00
YoY Growth	-	-	102.22%	-28.85%	-16.23%	0.00%	-100.00%	142.86%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.36%	1.95%	3.83%	3.84%	0.00%	1.13%	0.47%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.30
(-) Cash Dividends Paid (M)	25.60
(=) Cash Retained (M)	20.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.26	5.79	3.47
Cash Retained (M)	20.70	20.70	20.70
(-) Cash Required (M)	-9.26	-5.79	-3.47
(=) Excess Retained (M)	11.44	14.91	17.23
(/) Shares Outstanding (M)	18.34	18.34	18.34
(=) Excess Retained per Share	0.62	0.81	0.94
LTM Dividend per Share	1.40	1.40	1.40
(+) Excess Retained per Share	0.62	0.81	0.94
(=) Adjusted Dividend	2.02	2.21	2.33
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$160.94	$470.41	$501.96
Upside / Downside	269.97%	981.39%	1,053.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.30	49.31	52.51	55.93	59.56	63.44	65.34
Payout Ratio	55.29%	62.23%	69.17%	76.12%	83.06%	90.00%	92.50%
Projected Dividends (M)	25.60	30.69	36.33	42.57	49.47	57.09	60.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	28.46	28.73	29.00
Year 2 PV (M)	31.24	31.83	32.43
Year 3 PV (M)	33.95	34.92	35.92
Year 4 PV (M)	36.59	37.99	39.44
Year 5 PV (M)	39.15	41.04	43.01
PV of Terminal Value (M)	1,083.95	1,136.30	1,190.66
Equity Value (M)	1,253.33	1,310.82	1,370.46
Shares Outstanding (M)	18.34	18.34	18.34
Fair Value	$68.32	$71.46	$74.71
Upside / Downside	57.07%	64.27%	71.74%

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CombinedX AB (publ) (CX.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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