DDM Analysis: TIV.CO

Valuation Snapshot

Stable Growth	$263.86 - $467.18	$349.88
Multi-Stage	$295.88 - $323.99	$309.68
Blended Fair Value	$329.78
Current Price	$614.00
Upside	-46.29%
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	-1.76%	8.91%	3.77	2.84	0.00	0.00	0.00	4.12	3.42	3.28	1.92	1.94
YoY Growth	-	-	32.52%	0.00%	0.00%	0.00%	-100.00%	20.41%	4.26%	70.91%	-0.90%	20.65%
Dividend Yield	-	-	0.59%	0.39%	0.00%	0.00%	0.00%	0.63%	0.50%	0.50%	0.32%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.20
(-) Cash Dividends Paid (M)	30.90
(=) Cash Retained (M)	79.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.04	13.78	8.27
Cash Retained (M)	79.30	79.30	79.30
(-) Cash Required (M)	-22.04	-13.78	-8.27
(=) Excess Retained (M)	57.26	65.53	71.04
(/) Shares Outstanding (M)	5.73	5.73	5.73
(=) Excess Retained per Share	9.99	11.43	12.39
LTM Dividend per Share	5.39	5.39	5.39
(+) Excess Retained per Share	9.99	11.43	12.39
(=) Adjusted Dividend	15.38	16.82	17.78
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	2.67%	3.67%	4.67%
Fair Value	$263.86	$349.88	$467.18
Upside / Downside	-57.03%	-43.02%	-23.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.20	114.25	118.44	122.79	127.30	131.97	135.93
Payout Ratio	28.04%	40.43%	52.82%	65.22%	77.61%	90.00%	92.50%
Projected Dividends (M)	30.90	46.19	62.57	80.08	98.79	118.77	125.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.66%	8.66%	8.66%
Growth Rate	2.67%	3.67%	4.67%
Year 1 PV (M)	42.10	42.51	42.92
Year 2 PV (M)	51.98	52.99	54.02
Year 3 PV (M)	60.64	62.43	64.25
Year 4 PV (M)	68.18	70.88	73.65
Year 5 PV (M)	74.72	78.43	82.28
PV of Terminal Value (M)	1,398.59	1,468.04	1,540.22
Equity Value (M)	1,696.20	1,775.27	1,857.35
Shares Outstanding (M)	5.73	5.73	5.73
Fair Value	$295.88	$309.68	$323.99
Upside / Downside	-51.81%	-49.56%	-47.23%

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Tivoli A/S (TIV.CO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener