DDM Analysis: OET.OL

Valuation Snapshot

Stable Growth	$22.07 - $34.11	$27.66
Multi-Stage	$50.46 - $55.51	$52.93
Blended Fair Value	$40.30
Current Price	$21.53
Upside	87.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	0.61	1.17	1.36	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-47.79%	-14.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	2.48%	11.94%	15.54%	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)	76.69
(-) Cash Dividends Paid (M)	44.11
(=) Cash Retained (M)	32.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.34	9.59	5.75
Cash Retained (M)	32.58	32.58	32.58
(-) Cash Required (M)	-15.34	-9.59	-5.75
(=) Excess Retained (M)	17.24	23.00	26.83
(/) Shares Outstanding (M)	32.19	32.19	32.19
(=) Excess Retained per Share	0.54	0.71	0.83
LTM Dividend per Share	1.37	1.37	1.37
(+) Excess Retained per Share	0.54	0.71	0.83
(=) Adjusted Dividend	1.91	2.08	2.20
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$22.07	$27.66	$34.11
Upside / Downside	2.53%	28.47%	58.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76.69	75.92	75.16	74.41	73.67	72.93	75.12
Payout Ratio	57.51%	64.01%	70.51%	77.01%	83.50%	90.00%	92.50%
Projected Dividends (M)	44.11	48.60	53.00	57.30	61.51	65.64	69.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45.19	45.65	46.11
Year 2 PV (M)	45.82	46.76	47.71
Year 3 PV (M)	46.06	47.49	48.94
Year 4 PV (M)	45.98	47.89	49.85
Year 5 PV (M)	45.62	48.00	50.47
PV of Terminal Value (M)	1,395.71	1,468.39	1,544.06
Equity Value (M)	1,624.38	1,704.17	1,787.14
Shares Outstanding (M)	32.19	32.19	32.19
Fair Value	$50.46	$52.93	$55.51
Upside / Downside	134.35%	145.86%	157.83%

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Okeanis Eco Tankers Corp. (OET.OL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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