DDM Analysis: ENGCON-B.ST

Valuation Snapshot

Stable Growth	$55.70 - $290.42	$112.24
Multi-Stage	$38.07 - $41.64	$39.82
Blended Fair Value	$76.03
Current Price	$74.20
Upside	2.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	7.48%	0.00%	0.93	0.93	2.94	1.07	0.33	0.65	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-68.30%	174.85%	226.00%	-49.49%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.02%	1.12%	3.74%	1.49%	0.46%	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)	224.00
(-) Cash Dividends Paid (M)	148.00
(=) Cash Retained (M)	76.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.80	28.00	16.80
Cash Retained (M)	76.00	76.00	76.00
(-) Cash Required (M)	-44.80	-28.00	-16.80
(=) Excess Retained (M)	31.20	48.00	59.20
(/) Shares Outstanding (M)	152.21	152.21	152.21
(=) Excess Retained per Share	0.20	0.32	0.39
LTM Dividend per Share	0.97	0.97	0.97
(+) Excess Retained per Share	0.20	0.32	0.39
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.67%	5.67%	6.67%
Fair Value	$55.70	$112.24	$290.42
Upside / Downside	-24.93%	51.27%	291.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	224.00	236.70	250.12	264.31	279.29	295.13	303.98
Payout Ratio	66.07%	70.86%	75.64%	80.43%	85.21%	90.00%	92.50%
Projected Dividends (M)	148.00	167.72	189.20	212.58	238.00	265.62	281.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.88%	6.88%	6.88%
Growth Rate	4.67%	5.67%	6.67%
Year 1 PV (M)	155.43	156.92	158.40
Year 2 PV (M)	162.50	165.62	168.77
Year 3 PV (M)	169.20	174.10	179.09
Year 4 PV (M)	175.56	182.37	189.37
Year 5 PV (M)	181.58	190.42	199.61
PV of Terminal Value (M)	4,951.05	5,192.12	5,442.49
Equity Value (M)	5,795.33	6,061.55	6,337.72
Shares Outstanding (M)	152.21	152.21	152.21
Fair Value	$38.07	$39.82	$41.64
Upside / Downside	-48.69%	-46.33%	-43.88%

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engcon AB (publ) (ENGCON-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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