DDM Analysis: SCANFL.HE

Valuation Snapshot

Stable Growth	$46.05 - $112.80	$105.71
Multi-Stage	$16.48 - $18.04	$17.25
Blended Fair Value	$61.48
Current Price	$9.78
Upside	528.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.49%	17.91%	0.23	0.21	0.19	0.17	0.15	0.13	0.11	0.09	0.08	0.06
YoY Growth	-	-	10.09%	10.60%	12.10%	14.01%	15.76%	18.45%	22.65%	13.04%	25.44%	39.97%
Dividend Yield	-	-	2.45%	2.52%	2.45%	2.21%	1.97%	3.05%	2.63%	1.96%	2.16%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.10
(-) Cash Dividends Paid (M)	15.71
(=) Cash Retained (M)	21.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.42	4.64	2.78
Cash Retained (M)	21.39	21.39	21.39
(-) Cash Required (M)	-7.42	-4.64	-2.78
(=) Excess Retained (M)	13.97	16.76	18.61
(/) Shares Outstanding (M)	65.41	65.41	65.41
(=) Excess Retained per Share	0.21	0.26	0.28
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.21	0.26	0.28
(=) Adjusted Dividend	0.45	0.50	0.52
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.05	$105.71	$112.80
Upside / Downside	370.84%	980.87%	1,053.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.10	39.51	42.08	44.81	47.73	50.83	52.36
Payout Ratio	42.33%	51.87%	61.40%	70.93%	80.47%	90.00%	92.50%
Projected Dividends (M)	15.71	20.49	25.84	31.79	38.41	45.75	48.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.06	19.24	19.42
Year 2 PV (M)	22.34	22.76	23.19
Year 3 PV (M)	25.55	26.29	27.03
Year 4 PV (M)	28.70	29.81	30.94
Year 5 PV (M)	31.79	33.33	34.92
PV of Terminal Value (M)	950.84	996.77	1,044.45
Equity Value (M)	1,078.29	1,128.19	1,179.96
Shares Outstanding (M)	65.41	65.41	65.41
Fair Value	$16.48	$17.25	$18.04
Upside / Downside	68.56%	76.36%	84.45%

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Scanfil Oyj (SCANFL.HE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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