DDM Analysis: INVE-A.ST

Valuation Snapshot

Stable Growth	$1,191.71 - $4,569.60	$3,413.29
Multi-Stage	$559.59 - $612.50	$585.56
Blended Fair Value	$1,999.42
Current Price	$294.05
Upside	579.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.13%	9.22%	4.80	4.41	4.01	3.50	2.25	3.25	3.00	2.75	2.49	2.24
YoY Growth	-	-	8.93%	9.87%	14.59%	55.64%	-30.75%	8.38%	9.13%	10.16%	11.36%	12.60%
Dividend Yield	-	-	1.61%	1.64%	1.95%	1.70%	1.29%	2.84%	2.80%	2.97%	2.64%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	70,398.00
(-) Cash Dividends Paid (M)	15,165.00
(=) Cash Retained (M)	55,233.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14,079.60	8,799.75	5,279.85
Cash Retained (M)	55,233.00	55,233.00	55,233.00
(-) Cash Required (M)	-14,079.60	-8,799.75	-5,279.85
(=) Excess Retained (M)	41,153.40	46,433.25	49,953.15
(/) Shares Outstanding (M)	3,063.81	3,063.81	3,063.81
(=) Excess Retained per Share	13.43	15.16	16.30
LTM Dividend per Share	4.95	4.95	4.95
(+) Excess Retained per Share	13.43	15.16	16.30
(=) Adjusted Dividend	18.38	20.11	21.25
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,191.71	$3,413.29	$4,569.60
Upside / Downside	305.27%	1,060.78%	1,454.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	70,398.00	74,973.87	79,847.17	85,037.24	90,564.66	96,451.36	99,344.90
Payout Ratio	21.54%	35.23%	48.93%	62.62%	76.31%	90.00%	92.50%
Projected Dividends (M)	15,165.00	26,415.88	39,065.30	53,247.53	69,108.41	86,806.22	91,894.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	24,426.86	24,658.40	24,889.93
Year 2 PV (M)	33,403.84	34,040.09	34,682.34
Year 3 PV (M)	42,102.45	43,311.06	44,542.59
Year 4 PV (M)	50,529.09	52,472.29	54,471.02
Year 5 PV (M)	58,690.00	61,524.75	64,467.99
PV of Terminal Value (M)	1,505,335.61	1,578,043.88	1,653,534.87
Equity Value (M)	1,714,487.86	1,794,050.48	1,876,588.74
Shares Outstanding (M)	3,063.81	3,063.81	3,063.81
Fair Value	$559.59	$585.56	$612.50
Upside / Downside	90.31%	99.14%	108.30%

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Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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