DDM Analysis: DEVA.IS

Valuation Snapshot

Stable Growth	$281.41 - $331.55	$310.71
Multi-Stage	$74.08 - $81.23	$77.59
Blended Fair Value	$194.15
Current Price	$66.45
Upside	192.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	2.28	1.38	0.86	0.49	0.26	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	65.57%	60.43%	76.00%	84.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.82%	2.02%	2.27%	1.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	336.72
(-) Cash Dividends Paid (M)	27.21
(=) Cash Retained (M)	309.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.34	42.09	25.25
Cash Retained (M)	309.52	309.52	309.52
(-) Cash Required (M)	-67.34	-42.09	-25.25
(=) Excess Retained (M)	242.17	267.43	284.26
(/) Shares Outstanding (M)	201.98	201.98	201.98
(=) Excess Retained per Share	1.20	1.32	1.41
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	1.20	1.32	1.41
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	5.31%	5.31%	5.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$281.41	$310.71	$331.55
Upside / Downside	323.50%	367.59%	398.95%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	336.72	358.61	381.92	406.75	433.19	461.34	475.18
Payout Ratio	8.08%	24.46%	40.85%	57.23%	73.62%	90.00%	92.50%
Projected Dividends (M)	27.21	87.73	156.01	232.79	318.89	415.21	439.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.31%	5.31%	5.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	82.52	83.31	84.09
Year 2 PV (M)	138.03	140.66	143.32
Year 3 PV (M)	193.74	199.30	204.97
Year 4 PV (M)	249.65	259.25	269.12
Year 5 PV (M)	305.75	320.52	335.85
PV of Terminal Value (M)	13,992.62	14,668.47	15,370.18
Equity Value (M)	14,962.31	15,671.50	16,407.53
Shares Outstanding (M)	201.98	201.98	201.98
Fair Value	$74.08	$77.59	$81.23
Upside / Downside	11.48%	16.77%	22.25%

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Deva Holding A.S. (DEVA.IS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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