DDM Analysis: DNORD.CO

Valuation Snapshot

Stable Growth	$120.64 - $366.16	$191.91
Multi-Stage	$79.78 - $87.18	$83.41
Blended Fair Value	$137.66
Current Price	$31.70
Upside	334.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.30%	6.75%	2.43	10.37	12.63	1.78	0.49	0.40	0.00	0.00	0.00	0.00
YoY Growth	-	-	-76.53%	-17.89%	609.81%	263.01%	21.67%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	9.67%	24.99%	18.86%	5.06%	2.12%	3.52%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	139.20
(-) Cash Dividends Paid (M)	35.40
(=) Cash Retained (M)	103.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.84	17.40	10.44
Cash Retained (M)	103.80	103.80	103.80
(-) Cash Required (M)	-27.84	-17.40	-10.44
(=) Excess Retained (M)	75.96	86.40	93.36
(/) Shares Outstanding (M)	29.79	29.79	29.79
(=) Excess Retained per Share	2.55	2.90	3.13
LTM Dividend per Share	1.19	1.19	1.19
(+) Excess Retained per Share	2.55	2.90	3.13
(=) Adjusted Dividend	3.74	4.09	4.32
WACC / Discount Rate	8.77%	8.77%	8.77%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.64	$191.91	$366.16
Upside / Downside	280.58%	505.40%	1,055.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	139.20	148.25	157.88	168.15	179.08	190.72	196.44
Payout Ratio	25.43%	38.34%	51.26%	64.17%	77.09%	90.00%	92.50%
Projected Dividends (M)	35.40	56.85	80.93	107.90	138.04	171.64	181.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.77%	8.77%	8.77%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.77	52.26	52.75
Year 2 PV (M)	67.13	68.41	69.70
Year 3 PV (M)	81.51	83.85	86.24
Year 4 PV (M)	94.97	98.63	102.38
Year 5 PV (M)	107.55	112.75	118.14
PV of Terminal Value (M)	1,973.60	2,068.93	2,167.90
Equity Value (M)	2,376.54	2,484.82	2,597.11
Shares Outstanding (M)	29.79	29.79	29.79
Fair Value	$79.78	$83.41	$87.18
Upside / Downside	151.66%	163.13%	175.02%

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Dampskibsselskabet Norden A/S (DNORD.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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