DDM Analysis: EXS.ST

Valuation Snapshot

Stable Growth	$53.61 - $84.30	$67.68
Multi-Stage	$129.21 - $142.52	$135.73
Blended Fair Value	$101.71
Current Price	$139.50
Upside	-27.09%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	1.75	1.68	1.43	1.22	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	3.98%	17.87%	16.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	0.93%	1.04%	0.64%	0.00%	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)	73.51
(-) Cash Dividends Paid (M)	7.33
(=) Cash Retained (M)	66.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.70	9.19	5.51
Cash Retained (M)	66.18	66.18	66.18
(-) Cash Required (M)	-14.70	-9.19	-5.51
(=) Excess Retained (M)	51.47	56.99	60.66
(/) Shares Outstanding (M)	13.43	13.43	13.43
(=) Excess Retained per Share	3.83	4.24	4.52
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	3.83	4.24	4.52
(=) Adjusted Dividend	4.38	4.79	5.06
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$53.61	$67.68	$84.30
Upside / Downside	-61.57%	-51.48%	-39.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.51	72.77	72.04	71.32	70.61	69.90	72.00
Payout Ratio	9.97%	25.98%	41.98%	57.99%	73.99%	90.00%	92.50%
Projected Dividends (M)	7.33	18.91	30.25	41.36	52.25	62.91	66.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.01%	6.01%	6.01%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	17.65	17.83	18.01
Year 2 PV (M)	26.38	26.92	27.46
Year 3 PV (M)	33.68	34.72	35.78
Year 4 PV (M)	39.73	41.37	43.07
Year 5 PV (M)	44.67	47.00	49.42
PV of Terminal Value (M)	1,572.74	1,654.63	1,739.91
Equity Value (M)	1,734.85	1,822.48	1,913.66
Shares Outstanding (M)	13.43	13.43	13.43
Fair Value	$129.21	$135.73	$142.52
Upside / Downside	-7.38%	-2.70%	2.17%

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Exsitec Holding AB (publ) (EXS.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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