DDM Analysis: NSISBC.XD

Valuation Snapshot

Stable Growth	$292.86 - $930.51	$471.81
Multi-Stage	$306.39 - $335.55	$320.70
Blended Fair Value	$396.26
Current Price	$453.50
Upside	-12.62%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	5.31%	0.00%	4.98	7.56	4.08	3.92	3.96	3.85	0.00	0.00	0.00	0.00
YoY Growth	-	-	-34.08%	85.37%	4.03%	-1.15%	3.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.24%	1.91%	1.01%	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)	4,212.59
(-) Cash Dividends Paid (M)	2,888.11
(=) Cash Retained (M)	1,324.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	842.52	526.57	315.94
Cash Retained (M)	1,324.48	1,324.48	1,324.48
(-) Cash Required (M)	-842.52	-526.57	-315.94
(=) Excess Retained (M)	481.96	797.91	1,008.54
(/) Shares Outstanding (M)	373.91	373.91	373.91
(=) Excess Retained per Share	1.29	2.13	2.70
LTM Dividend per Share	7.72	7.72	7.72
(+) Excess Retained per Share	1.29	2.13	2.70
(=) Adjusted Dividend	9.01	9.86	10.42
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.31%	4.31%	5.31%
Fair Value	$292.86	$471.81	$930.51
Upside / Downside	-35.42%	4.04%	105.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,212.59	4,394.02	4,583.25	4,780.64	4,986.53	5,201.28	5,357.32
Payout Ratio	68.56%	72.85%	77.14%	81.42%	85.71%	90.00%	92.50%
Projected Dividends (M)	2,888.11	3,200.92	3,535.31	3,892.57	4,274.04	4,681.15	4,955.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.31%	4.31%	5.31%
Year 1 PV (M)	2,977.13	3,005.95	3,034.77
Year 2 PV (M)	3,058.26	3,117.75	3,177.82
Year 3 PV (M)	3,131.89	3,223.72	3,317.33
Year 4 PV (M)	3,198.40	3,324.05	3,453.36
Year 5 PV (M)	3,258.14	3,418.91	3,585.98
PV of Terminal Value (M)	98,938.75	103,820.95	108,894.01
Equity Value (M)	114,562.57	119,911.35	125,463.28
Shares Outstanding (M)	373.91	373.91	373.91
Fair Value	$306.39	$320.70	$335.55
Upside / Downside	-32.44%	-29.28%	-26.01%

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Novonesis (Novozymes) B (NSISBC.XD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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