DDM Analysis: HEXA-B.ST

Valuation Snapshot

Stable Growth	$6.65 - $14.32	$9.49
Multi-Stage	$4.98 - $5.43	$5.20
Blended Fair Value	$7.34
Current Price	$8.49
Upside	-13.49%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.66%	12.51%	0.13	0.12	0.11	0.09	0.08	0.08	0.07	0.06	0.06	0.05
YoY Growth	-	-	10.84%	9.13%	24.08%	4.61%	5.71%	12.88%	10.40%	11.61%	23.21%	14.26%
Dividend Yield	-	-	1.35%	1.10%	1.04%	0.69%	0.75%	1.44%	1.05%	0.93%	1.07%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	941.90
(-) Cash Dividends Paid (M)	384.00
(=) Cash Retained (M)	557.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	188.38	117.74	70.64
Cash Retained (M)	557.90	557.90	557.90
(-) Cash Required (M)	-188.38	-117.74	-70.64
(=) Excess Retained (M)	369.52	440.16	487.26
(/) Shares Outstanding (M)	2,705.48	2,705.48	2,705.48
(=) Excess Retained per Share	0.14	0.16	0.18
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.14	0.16	0.18
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.65	$9.49	$14.32
Upside / Downside	-21.66%	11.79%	68.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	941.90	1,003.12	1,068.33	1,137.77	1,211.72	1,290.48	1,329.20
Payout Ratio	40.77%	50.61%	60.46%	70.31%	80.15%	90.00%	92.50%
Projected Dividends (M)	384.00	507.73	645.92	799.94	971.24	1,161.44	1,229.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	457.58	461.92	466.25
Year 2 PV (M)	524.62	534.62	544.70
Year 3 PV (M)	585.54	602.35	619.47
Year 4 PV (M)	640.71	665.35	690.69
Year 5 PV (M)	690.50	723.85	758.48
PV of Terminal Value (M)	10,565.99	11,076.33	11,606.20
Equity Value (M)	13,464.94	14,064.41	14,685.81
Shares Outstanding (M)	2,705.48	2,705.48	2,705.48
Fair Value	$4.98	$5.20	$5.43
Upside / Downside	-41.38%	-38.77%	-36.06%

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Hexagon AB (publ) (HEXA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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