DDM Analysis: HARVIA.HE

Valuation Snapshot

Stable Growth	$87.91 - $250.02	$234.31
Multi-Stage	$35.18 - $38.47	$36.80
Blended Fair Value	$135.55
Current Price	$48.50
Upside	179.49%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.94%	0.00%	0.68	0.64	0.60	0.51	0.38	0.37	0.18	0.00	0.00	0.00
YoY Growth	-	-	6.30%	6.75%	17.70%	33.95%	2.70%	105.56%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.55%	1.67%	2.72%	1.39%	1.23%	4.10%	2.75%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.64
(-) Cash Dividends Paid (M)	13.46
(=) Cash Retained (M)	10.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.73	2.96	1.77
Cash Retained (M)	10.19	10.19	10.19
(-) Cash Required (M)	-4.73	-2.96	-1.77
(=) Excess Retained (M)	5.46	7.23	8.41
(/) Shares Outstanding (M)	18.81	18.81	18.81
(=) Excess Retained per Share	0.29	0.38	0.45
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.29	0.38	0.45
(=) Adjusted Dividend	1.01	1.10	1.16
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.91	$234.31	$250.02
Upside / Downside	81.27%	383.11%	415.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.64	25.18	26.82	28.56	30.42	32.39	33.36
Payout Ratio	56.92%	63.53%	70.15%	76.77%	83.38%	90.00%	92.50%
Projected Dividends (M)	13.46	16.00	18.81	21.92	25.36	29.15	30.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.71%	6.71%	6.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	14.85	14.99	15.13
Year 2 PV (M)	16.21	16.52	16.83
Year 3 PV (M)	17.54	18.04	18.56
Year 4 PV (M)	18.84	19.56	20.31
Year 5 PV (M)	20.10	21.07	22.08
PV of Terminal Value (M)	574.07	601.80	630.59
Equity Value (M)	661.62	691.99	723.50
Shares Outstanding (M)	18.81	18.81	18.81
Fair Value	$35.18	$36.80	$38.47
Upside / Downside	-27.46%	-24.13%	-20.68%

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Harvia Oyj (HARVIA.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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