DDM Analysis: NOBA.ST

Valuation Snapshot

Stable Growth	$72.41 - $110.78	$90.35
Multi-Stage	$151.07 - $166.56	$158.66
Blended Fair Value	$124.50
Current Price	$94.00
Upside	32.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	0.00	0.00	0.00	0.40	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	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)	3,028.00
(-) Cash Dividends Paid (M)	203.00
(=) Cash Retained (M)	2,825.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	605.60	378.50	227.10
Cash Retained (M)	2,825.00	2,825.00	2,825.00
(-) Cash Required (M)	-605.60	-378.50	-227.10
(=) Excess Retained (M)	2,219.40	2,446.50	2,597.90
(/) Shares Outstanding (M)	375.05	375.05	375.05
(=) Excess Retained per Share	5.92	6.52	6.93
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	5.92	6.52	6.93
(=) Adjusted Dividend	6.46	7.06	7.47
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$72.41	$90.35	$110.78
Upside / Downside	-22.96%	-3.89%	17.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,028.00	2,997.72	2,967.74	2,938.07	2,908.68	2,879.60	2,965.99
Payout Ratio	6.70%	23.36%	40.02%	56.68%	73.34%	90.00%	92.50%
Projected Dividends (M)	203.00	700.37	1,187.76	1,665.34	2,133.25	2,591.64	2,743.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	649.51	656.13	662.76
Year 2 PV (M)	1,021.52	1,042.48	1,063.64
Year 3 PV (M)	1,328.25	1,369.33	1,411.25
Year 4 PV (M)	1,577.90	1,643.29	1,710.70
Year 5 PV (M)	1,777.75	1,870.32	1,966.71
PV of Terminal Value (M)	50,304.10	52,923.55	55,651.00
Equity Value (M)	56,659.03	59,505.10	62,466.06
Shares Outstanding (M)	375.05	375.05	375.05
Fair Value	$151.07	$158.66	$166.56
Upside / Downside	60.72%	68.79%	77.19%

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NOBA Bank Group AB (NOBA.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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