DDM Analysis: ETTE.HE

Valuation Snapshot

Stable Growth	$13.66 - $61.26	$31.79
Multi-Stage	$9.13 - $9.99	$9.55
Blended Fair Value	$20.67
Current Price	$10.90
Upside	89.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.20%	13.25%	0.30	0.36	0.40	0.34	0.35	0.30	0.23	0.16	0.12	0.12
YoY Growth	-	-	-16.47%	-9.58%	17.83%	-2.55%	16.47%	31.14%	44.63%	29.02%	2.18%	37.44%
Dividend Yield	-	-	2.51%	2.63%	2.56%	2.09%	2.10%	4.38%	2.73%	2.02%	1.73%	2.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.80
(-) Cash Dividends Paid (M)	5.56
(=) Cash Retained (M)	2.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.56	0.98	0.59
Cash Retained (M)	2.25	2.25	2.25
(-) Cash Required (M)	-1.56	-0.98	-0.59
(=) Excess Retained (M)	0.69	1.27	1.66
(/) Shares Outstanding (M)	25.09	25.09	25.09
(=) Excess Retained per Share	0.03	0.05	0.07
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.03	0.05	0.07
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.52%	5.52%	6.52%
Fair Value	$13.66	$31.79	$61.26
Upside / Downside	25.33%	191.69%	462.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.80	8.23	8.69	9.16	9.67	10.20	10.51
Payout Ratio	71.21%	74.97%	78.73%	82.48%	86.24%	90.00%	92.50%
Projected Dividends (M)	5.56	6.17	6.84	7.56	8.34	9.18	9.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.52%	5.52%	6.52%
Year 1 PV (M)	5.74	5.80	5.85
Year 2 PV (M)	5.92	6.04	6.15
Year 3 PV (M)	6.10	6.27	6.45
Year 4 PV (M)	6.26	6.50	6.75
Year 5 PV (M)	6.42	6.73	7.05
PV of Terminal Value (M)	198.59	208.27	218.33
Equity Value (M)	229.03	239.61	250.60
Shares Outstanding (M)	25.09	25.09	25.09
Fair Value	$9.13	$9.55	$9.99
Upside / Downside	-16.27%	-12.40%	-8.39%

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Etteplan Oyj (ETTE.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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