DDM Analysis: TROAX.ST

Valuation Snapshot

Stable Growth	$67.00 - $78.94	$73.98
Multi-Stage	$46.09 - $50.56	$48.28
Blended Fair Value	$61.13
Current Price	$12.82
Upside	376.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.70%	0.00%	0.34	0.32	0.30	0.20	0.10	0.16	0.13	0.13	0.11	0.00
YoY Growth	-	-	6.13%	6.74%	50.00%	99.98%	-36.32%	16.26%	3.72%	19.08%	0.00%	0.00%
Dividend Yield	-	-	2.12%	1.53%	1.57%	0.85%	0.42%	1.87%	1.36%	1.71%	1.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.80
(-) Cash Dividends Paid (M)	20.35
(=) Cash Retained (M)	3.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.76	2.98	1.79
Cash Retained (M)	3.45	3.45	3.45
(-) Cash Required (M)	-4.76	-2.98	-1.79
(=) Excess Retained (M)	-1.31	0.48	1.67
(/) Shares Outstanding (M)	59.96	59.96	59.96
(=) Excess Retained per Share	-0.02	0.01	0.03
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	-0.02	0.01	0.03
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	2.27%	2.27%	2.27%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.00	$73.98	$78.94
Upside / Downside	422.62%	477.04%	515.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.80	25.35	26.99	28.75	30.62	32.61	33.59
Payout Ratio	85.49%	86.39%	87.29%	88.20%	89.10%	90.00%	92.50%
Projected Dividends (M)	20.35	21.90	23.56	25.36	27.28	29.35	31.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.27%	2.27%	2.27%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	21.21	21.41	21.61
Year 2 PV (M)	22.11	22.53	22.95
Year 3 PV (M)	23.04	23.70	24.38
Year 4 PV (M)	24.01	24.93	25.88
Year 5 PV (M)	25.02	26.23	27.48
PV of Terminal Value (M)	2,648.38	2,776.30	2,909.11
Equity Value (M)	2,763.77	2,895.10	3,031.42
Shares Outstanding (M)	59.96	59.96	59.96
Fair Value	$46.09	$48.28	$50.56
Upside / Downside	259.54%	276.62%	294.35%

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Troax Group AB (publ) (TROAX.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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