DDM Analysis: NOLA-B.ST

Valuation Snapshot

Stable Growth	$55.86 - $123.58	$80.49
Multi-Stage	$77.51 - $85.04	$81.21
Blended Fair Value	$80.85
Current Price	$58.90
Upside	37.27%
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	1.88%	6.76%	1.50	1.90	1.90	1.59	0.00	1.37	1.22	1.02	0.98	0.83
YoY Growth	-	-	-21.09%	0.00%	19.63%	0.00%	-100.00%	11.85%	19.20%	4.94%	17.41%	6.67%
Dividend Yield	-	-	2.63%	3.63%	3.62%	2.27%	0.00%	3.04%	3.02%	1.68%	3.66%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	789.00
(-) Cash Dividends Paid (M)	404.00
(=) Cash Retained (M)	385.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	157.80	98.63	59.18
Cash Retained (M)	385.00	385.00	385.00
(-) Cash Required (M)	-157.80	-98.63	-59.18
(=) Excess Retained (M)	227.20	286.38	325.83
(/) Shares Outstanding (M)	269.38	269.38	269.38
(=) Excess Retained per Share	0.84	1.06	1.21
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	0.84	1.06	1.21
(=) Adjusted Dividend	2.34	2.56	2.71
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.06%	3.06%	4.06%
Fair Value	$55.86	$80.49	$123.58
Upside / Downside	-5.16%	36.66%	109.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	789.00	813.17	838.08	863.75	890.21	917.48	945.00
Payout Ratio	51.20%	58.96%	66.72%	74.48%	82.24%	90.00%	92.50%
Projected Dividends (M)	404.00	479.47	559.19	643.34	732.12	825.73	874.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	2.06%	3.06%	4.06%
Year 1 PV (M)	446.49	450.86	455.24
Year 2 PV (M)	484.90	494.45	504.09
Year 3 PV (M)	519.50	534.92	550.64
Year 4 PV (M)	550.53	572.42	594.96
Year 5 PV (M)	578.21	607.10	637.13
PV of Terminal Value (M)	18,300.95	19,215.24	20,165.71
Equity Value (M)	20,880.59	21,875.00	22,907.79
Shares Outstanding (M)	269.38	269.38	269.38
Fair Value	$77.51	$81.21	$85.04
Upside / Downside	31.60%	37.87%	44.38%

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Nolato AB (publ) (NOLA-B.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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